We enter the week with the 10 Year US Treasury Yield slightly bullish with a potentially lower yield as many U.S. and global equity markets consolidate or correct for a period, North Korean nuclear uncertainties, and other potential flash-point anomaly events

Big Picture: The larger trend remains bullish or lower yield

Most likely Demand, Economic Weakness, Event Risk Concerns, or Other Market Concerns/Factors will take yields lower to 2 or below before significant move higher

This week likely brings some corrective activity of the present ongoing decline, before likely resuming its downside advance lower to 87 or lower

Given global macro considerations coupled with no significant global anomaly event this index may have some serious weakness

Will global reflation efforts be enough to keep this index from revisiting previous lows? Do not rule out a revisit to previous lows, but this index is building a base to move higher.

Bigger Picture: Though spastic, global macro and growth forces in general remain supportive of the commodity sector

Between Fed off-again and on-again accommodation and/or misdirectional verbal guidance, building uncertainties surrounding fiscal, trade and regulatory policy stimulative activities, the $CRB Commodity Index: a key economic indicator, has struggled.

A market that appears to be headed back into the $52 to $55 area

North Korea, market structure, geopolitical considerations and building possibilities of a Venezuelan civil war remain supportive

A complex, volatile and an uncertain market that deserves a great deal of respect in a world with building economic, social, political and homeland security uncertainties.

This week’s price action may provide insight into whether current price action was: First, corrective and price now moves higher or second, prices continue to move to their previous lows.

Assume until price action proves otherwise that the bottoming process has not yet completed, and a retest of the $9.00 area or lower is still a possibility.

This week’s price action may provide insight into whether current price action was corrective and price now move higher or price next continues to move to their previous 2016 lows of $3.15.

Bullish bias remains, but potentially near term strong global equity and commodity price headwinds are problematic.

Price needs to confirm that a bottom is in place, otherwise some serious price weakness could emerge given current global economic uncertainties.

Near term wheat has the potential to build a base from which to move higher. That said, Near-term market seasonality and a combination of global economic, political and military uncertainties are weighing heavy on this and an array of other global markets.

A cautionary time period with momentum waning.

Allow price action to provide guidance.

Remain cautious of this index

Allow price action to provide guidance

Remain cautious of this index

Allow price action to provide guidance

A cautionary time period

Allow price action to provide guidance