Wheat gets cobbered

Aerial picture of a combine harvesting corn in North Dakota

A bearish signal has been confirmed for the Wheat vs Corn spread, says James Dima, technical analyst at Marex Spectron.

Looking at a weekly chart of the December 2017 (Z17) Wheat versus Corn spread (see Chart), Dima notes that a close of the RSI (14-day setting) below the 70 level was confirmed on 14 July, this being, in relative terms, bearish for Wheat and bullish for Corn. He says this is likely the start of a longer-term condition.

See Chart.