Gary Hofer: MARKET BULLETS

It took the Chicago wheat futures market 12 grinding sessions to reach up 44 cents to the high close of Wednesday, Nov. 4 at $5.25, then it peeled backwards 33 cents in a couple of days. All that was accomplished in the week was a confirmation of the range highs back to July.

Can this wheat market ever break out of the sideways pattern that has defined the price since July? It will require something more that we have on the board right now…weather, currency shifts, global peace…

Since we are busy with a trapped market ping-ponging back and forth between highs and lows, analysis becomes simplif...