Crop scouts on the second day of an annual three-day tour of Kansas projected an average yield for hard red winter wheat in the southwestern portion of the state at 56.7 bushels per acre, up from 47.6 bushels in 2019.
The contract consolidated above a support at $15.79-1/4 for a few days. It is facing a stronger support at $15.58-1/2, which may hold and trigger a bounce as well.
Such a combination suggests a strong bullish sentiment, which simply ruins the least chance of a deep correction. Wave pattern suggests a further extension of the uptrend.