Chicago SRW Wheat: For comparison purposed, I’m using the DTN SRW Wheat Cash Index this month because it has a longer track record than the Barchart National SRW Wheat Price Index. Here we see the cash SRW index finished April at $9.9804, a new all-time high monthly close beyond the previous mark of $9.9768 from February 2008. It’s impossible to tell when the top will form, but look what happened back in 2008 as the same index was back at $3.3082 by the close of September 2009.
Kansas City HRW Wheat: The cmdty National HRW Wheat Price Index (HWPI) extended its major (long-term) uptrend with a monthly close of $10.4892. The cash market is still overbought with monthly stochastics holding at or near 80%. This could lead to a round of selling, at some point, with harvest expected to begin in late May.
Minneapolis HRS Wheat: The cmdty National HRS Wheat Price Index (HSPI) extended its major (long-term) uptrend as it closed April at $11.1444. As with winter wheat, cash spring wheat remains sharply overbought with monthly stochastics well above 80%.
