Wheat Bulls Are Gaining Momentum. What to Watch Before You Buy.

Group 1 - December soft red winter wheat futures have reached a five-week high, indicating a potential buying opportunity as the market shows bullish momentum [1] - The MACD indicator is in a bullish posture, with the red line above the blue line and both trending upwards, suggesting increased technical strength for wheat bulls [1] - Global wheat supplies are tightening due to adverse weather conditions in major growing regions and ongoing issues related to the Russia-Ukraine war affecting Ukrainian wheat production and shipping [2] Group 2 - A price movement above the resistance level of $5.37 for December SRW wheat would empower bulls further and present a buying opportunity, with an upside target of $5.90 or higher [3] - Technical support is identified at the contract low of $5.12, where protective sell stops can be placed [3]