December soft red winter wheat futures are presenting a buying opportunity with prices hitting a five-week high. Global wheat supplies are tightening due to weather issues and the Russia-Ukraine conflict. Technical indicators suggest bullish momentum with potential resistance at $5.37 and an upside target of $5.90.

It is important to note that futures trading is volatile and risky, requiring careful consideration of financial resources and risk tolerance. The Commodity Futures Trading Commission emphasizes the need for understanding obligations and risks associated with trading futures and options. Jim Wyckoff does not hold any positions in the securities mentioned.

Read more at Yahoo Finance: Wheat Bulls Are Gaining Momentum. What to Watch Before You Buy.