Wheat chart measurements allow an upside target of between $7.50 and $7.80 per bushel over the next month or so in Chicago July (new crop) futures, although there are no currently visible fundamental factors that show the potential for much more than that. That makes the headroom in wheat prices rather tight, at about 40 to 70 cents per bushel; not much in light of recent volatile price behavior.

The downside from current levels in July wheat is back to the April fool's day low at $6.64, just 50 cents away as this is being written. So it is reasonable to expect the price of wheat to stay withi...