# Technical Factors to Watch for Spring Wheat

> March hard red spring wheat hit a two-year high on January 6 but could not hold a move above the 33% retracement of the 2017 to 2019 move at $6.12 1/2. Noncommercial traders added to net-long positions while commercial traders added to shorts. Analysts describe the Minneapolis market as the most bearish of the three U.S. wheat classes.

- Date: 2021-01-06 · published 2021-01-06T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/49199-technical-factors-to-watch-for-spring-wheat
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Chart signals and positioning show indecision in hard red spring wheat, with resistance near $6.12 1/2 limiting upside. Fundamentals remain bearish, so prices may stay range-bound.

## Read by commodity

- WHEAT: neutral

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/Ag/blogs/canada-markets/blog-post/2021/01/06/technical-factors-watch-spring-wheat

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.