May soft red winter (SRW) wheat (ZWK26) futures on Friday rose 13 1/2 cents to $5.80 1/4, hit a 6.5-month high, and for the week were up 38 1/4 cents. May hard red winter (HRW) (KEK26) wheat futures rose 8 1/2 cents to $5.85 1/4, hit a seven-month high, and on the week were up 31 1/2 cents. The winter wheat futures markets saw technically bullish weekly high closes Friday that suggest some follow-through, chart-based buying early this week.
However, these two markets are now short-term overbought, technically, and due for routine and arguably healthy corrective price pullbacks very soon.
