The cmdty National HRS Wheat Price Index (HSPI, weighted national average cash price) extended its major (long-term) downtrend during January, hitting a low for the month of $8.2894. This held above the previous 4-month low of $8.2119, setting the stage for a potential Wave B (second wave) rally within the 3-wave downtrend. If Wave B is seen, once it tops, and based on the market’s bullish fundamentals indicated by inverted futures spreads, the downside target remains $7.8641. This marks the 38.2% retramcement level of the previous major uptrend from $4.1316 (August 2019) through the high of $10.1713 (November 2021). Note the latter was part of a bearish spike reversal that confirmed the new major downtrend signaled by a bearish crossover by monthly stochastics above the overbought level of 80% at the end of August 2021.