WHEAT MONTHLY CHART - CONTINUATION: After the collapse in prices in 2008 the downmove slowed after testing the 76.4% retracement of the whole 1999-2008 upmove, also finding support from the lower 434 2002 high.

Currently the 2009 low is holding, but initial bull signals are not yet in place.

WHEAT DAILY CHART - SEP-10:

With support on the long term chart in mind (tested and held so far) on the front month chart the first hurdle that bulls need to break through is the 23.6% recovery level around 490.00.

Following this the bear channel top projection, at 507.00 currently, must be overcome.

The momentum then starts shifting in favour of the bulls, and subsequent pullbacks would more likely become temporary ahead of further upside activity.

Meanwhile, in the Commodity Specialist Guide we hold a sidelined stance.