So, monthly price breakouts are an even stronger clue to price trends, and are vitally important for the position trader or hedger. When prices break out on the top side of the previous monthly high, it's a buy signal. When the break out is on the bottom side of a previous monthly low, it's a sell signal. The US summer driving season started the Memorial weekend. Increased inventory demand has usually already been anticipated causing market rallies in the gasoline complex.
Inventories are built, production is at capacity, but consumption of heating oil is minimal.
Technical support lies at . Winter wheat prices have been supported by weather woes in the US North Plains helping to prop other grain prices. Speculation that disease and rain could drastically delay harvest have helped the current rally. Chinese demand of US wheat has been lighter in recent years and the sale of imported stocks suggest that China's winter wheat crop is in excellent shape. Soybeans, on the other hand, have hot, dry weather to contend with.