Marty Hibbs of the Grain Farmers of Ontario notes wheat prices on the May contract have pulled back to the midway mark of December 23rd's low and the high on February 16th.
He says, unless prices close below the $4.40 mark, a challenge of last month's high should happen some time in the next few weeks.
He adds short-term and intermediate indicators are both positive.
Corn prices this week are currently finding support at the $3.60 level as the switch was made to the May contract.
The analyst says another rally towards the $3.80 or $3.85 level could be attempted soon, but pullbacks should still be expected as it takes time to turn the overall trend positive.
Not much has happened with soybean prices lately.
Hibbs points out the trading range between 10 and 11 dollars is still narrowing, but pressure is pushing futures prices to heading below that range, rather than the opposite.
