Wheat prices are up significantly this year and my sources in the commodities market say prices are only headed higher. Let's take a break from the stock market for a few minutes. 
In this weekly continuation chart of nearby wheat futures (below), we can see a really big saucer bottom pattern. Prices have been basing for years and we can see a breakout at $6.00. Prices are trading above the rising 40-week moving average line. The weekly OBV line has been rising for five years. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In this weekly bar chart of the Teucrium Wheat Fund - an ETF with the symbol ( WEAT) , below, we can see the five-year basing pattern. Notice the strong trading volume last year and this year. Impressive.
In this weekly Point and Figure chart of WEAT, below, we can see a potential longer-term price target in the $9.77 area. This is a significant percentage gain from current levels.
Bottom line strategy: Wheat supplies have been tightening across major producers and export regulations imposed by countries like Russia and Belarus are also seen supporting wheat prices. Does anyone remember the Russian wheat deal? It was back in 1972. You might want to consider WEAT or a broad commodity ETF as an addition to your portfolio.
