May soft red winter wheat (ZWK26) futures show potential for a buying opportunity with fresh price strength. Prices have been trading sideways but could be forming a market bottom, signaling an uptrend. Global geopolitical risks and potential winterkill could drive prices higher. Resistance at $5.33 could trigger a move towards $5.80. Technical support at $5.13.

Trading futures carries risks and is not suitable for everyone. The Commodity Futures Trading Commission (CFTC) warns of the volatility and complexity of futures trading. Investors should assess their financial experience and resources before entering into futures contracts. Understanding risk exposure is essential before making any trades.

Market analyst Jim Wyckoff highlights potential opportunities in wheat futures, but advises investors to make their own decisions regarding trades. Wyckoff does not hold positions in the securities discussed. Information in the article is for informational purposes only. Check out the full article on Barchart.com for more insights.

Read more at Yahoo Finance: Are Wheat Prices Heading Higher from Here?