Chart of the Week: Minneapolis Wheat

About this chart: This is the weekly chart of Minneapolis Spring Wheat futures. This chart shows the major highs in May 2014 at $7.99 and the next major high at $8.16 in July 2017. From that major high, prices fell to the major low ($5.20) in June 2018, then the low this week at $5.21. This shows a broad-based possible double bottom. It was also encouraging to see the May contract post a Friday-to-Friday higher close this week.  

What this means for you: The Minneapolis wheat contract is traded mostly by commercial grain companies. I often watch it as a lead indicator for the grain complex. The close this week is encouraging.