Just to change things up a bit, I’ve again posted the monthly close-only chart for the cmdty National SRW Wheat Price Index (SWPI, weighted national average cash price). The SWPI is indicating a potential major (long-term) top, though no confirmation has been completed at the end of December. The SWPI was calculated at $7.2499, still well above its previous 4-month low monthly close of $6.6996 from September 2021. It should be noted monthly stochastics established a bearish crossover above the overbought level of 80% at the end of February 2021, setting the stage for an eventual move to a major downtrend.
