Whenever I look at the monthly chart for cash HRW wheat (KWY00) I’m reminded of a conversation I had with a producer from western Kansas back in November 2019. At the time we were talking about markets with potential, and one of them that jumped out at me was HRW wheat. In fact, I concluded my part of the conversation with a text that read, “My guess is we should have good pricing opportunities for 2021…” And as we close the door on 2020, the cash index I’m looking at with this chart was priced near $6.28, its highest monthly close since $7.08 from April 2014. The KWY00 looks to be in Wave 5 of a major (long-term) 5-wave uptrend with the next upside target near $6.61, a price marking the 50% retracement level of the previous downtrend from $10.13 (May 2011) through the low of $3.10 (August 2016). Like most other markets in the grain and oilseed complex, HRW wheat fundamentals are bullish with little carry seen in futures spreads out through the 2021-2022 marketing year. Meanwhile, the July KC 2021 contract closed last week at $6.0725, the highest weekly close for a new-crop July contract since $6.17 the week of August 13, 2018 (2019 issue). My bottom line take on the HRW cash market is this: The trend is up, supported by bullish supply and demand, until it turns down again. The last bearish technical sidnta I see on this chart occurred during September 2019, shortly before my aforementioned message talked above a new long-term uptrend.