The cmdty National HRW Wheat Price Index (HWPI, weighted national average cash price) moved lower during January, but again came up short of confirming a new major (long-term) downtrend. The HWPI posted a low of $7.2334, well above its previous 4-month low of $6.4525, with that support moving up to $6.9278 during February. Until a new downtrend is confirmed we can consider the HWPI still in an uptrend, or at least a holding pattern within sight of its $8.6310 high from November. Monthly stochastics have posted bearish crossovers above the overbought level of 80%, signaling the major trend should eventually turn down. This could create selling opportunities if the HWPI tests its previous high.