July soft red winter wheat (ZWN25) futures present a buying opportunity now on more price strength. 

On the daily bar chart for July soft red winter wheat futures you can see that prices are trending up. Early this week they hit a three-week high. You can also see at the bottom of the chart that the moving average convergence divergence (MACD) indicator is poised to produce a bullish line crossover buy signal. 

Fundamentally, extreme weather conditions in the Plains this week will likely do some further damage to the wheat crop in that region. A move in July SRW wheat prices above chart resistance at this week’s high of $5.91 1/2 would become a buying opportunity. The upside price objective would be $6.50 or above. 

Technical support, for which to place a protective sell stop just below, is located at $5.70.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 

Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.