Technical Update: Russian Issues Failing To Lift Wheat Prices

Chicago Wheat futures (CBOT: WZ14) are back on the move to the downside for another week and appear destined for a test of projected support at the 517 3/8 level (at best) or at 425 1/8 (at worst).As W futures are already oversold, technicians are not advocating starting new short positions in Wheat.Rather, they note that adventurous buyers can look at taking long positions down near the 517 3/8 support level with stops in place on any close below 515. However, they are quick to note that the higher percentage entry for longs would be down at the 425 1/8 level.The fact that Wheat futures are remaining this weak with all of the geopolitical pressure in Russia and Ukraine is very bearish.