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Canada Markets Blog
Cliff Jamieson Canadian Grains Analyst
Fri Dec 7, 2012 04:35 PM CST

Wheat's poor export performance in the United States market, with wheat sales and shipments far behind the levels required to meet USDA projections, has led to ongoing trade within a right-angle descending triangle pattern, as seen on the attached March Minneapolis weekly chart. This pattern, as seen on the chart, is characterized by firm support within the $9.16 1/2 to $9.20/bu. range as found from the four weekly lows since the late-July high, along with a series of lower highs, along with a number of declining weekly highs.

This pattern is not a bullish one, with the assumption being ...

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