Pro Farmer Senior Market Analyst Rich Posson says while weekly stochastics are overbought, demand for wheat is picking up and the near-term forecast signals a "Level 2" top is due later this month or into early January. He puts price objectives as high as $6.23 to $6.63 for March SRW wheat futures.
In the chart below, Posson uses technical indicators such as stochastic, moving averages, trendlines as well as his business-cycle analysis:
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