While I don’t see anything conclusive on this monthly chart for the cmdty National HRW Wheat Price Index (HWPI, weighted national average cash price), there are indications the market could be topping out long-term. December saw the HWPI post an inside month, and as we head into January resistance is at the November high of $8.6310 and support the previous 4-month low of $6.4525 from last September. For now it looks like it will be a while before we get confirmation of either a continued major uptrend or a new major downtrend.
