The term "symmetry" suggests balanced proportions, or the beauty of form arising from balanced proportions, according to Merriam-Webster. There are other, more strict interpretations, but this idea fits what is happening in the wheat market right now.

Since May 1, there have been five downward and four cor- responding upward movements in the Chicago wheat price futures contracts. Each downward move has been between 10 and 15 trading sessions in duration, and declined an average of about 50 cents. Each has produced a new lower low than the preceding low. This pattern is a textbook description of a downward trend.

Chicago futures, which remains the "reference market" for most global wheat prices, have lost approximately $1.18 per bushel overall in the period mentioned above. As many traders have taken note of the pattern, the trade is beginning to look for the next low. The trade is also already well aware that seasonally normal lows are due for wheat, and that the maturing corn and soybean crop expectations are beginning to show enough definition to enable the market to make con- clusions for the season.

If the four-month-old symmetrical pattern for wheat is repeated once more, the price of wheat will establish a low within the next week or so, and then push back up again. There was an attempt Monday to turn the trend upward, but it was solidly repudiated late in that day's session and confirmed denied Tuesday, the ninth day of the current move down. There are many traders looking for the low to show, but no evidence yet of a change.

USDA's August reports released Monday morning showed no surprises for wheat statistics, but a reduction in projected yield estimates for both corn and soybeans this fall triggered a 43-cent price jump in beans and 11 cents up in corn, so wheat took a little ride to the upside in sympathy. Tuesday's trade was less enthusiastic for corn, producing a new contract low by one cent, while beans held onto the previous day's gains. The general influence for wheat was negative.

There is no heavy negative factor for wheat looming, but the pending corn harvest will reduce the pressure on animal feeders that have been relying on purchases of soft red winter wheat supplies. Wheat export sales pace and expectations are normal for the season, even though there is quite a bit of cheap wheat for sale around the northern hemisphere.

If there is drama coming, it will have to be from corn and soybean crop factors. The US Dollar Index, a general global indicator of the value of the greenback in the world, has been moving slowly higher since June. When dollars are more ex- pensive for foreign buyers, the price of exported US wheat is also higher (less competitive), but the overall quality of wheat originated in the US is generally better than that from many other sources.

Trend is still lower, with subjective price targets measur- ing 20-30 cents lower for wheat in Chicago. Portland white wheat has come down about 12 cents per bushel since July 31, while Chicago has lost 36 cents. Part of the supportive strength in Portland has been the return of Japan to buyer status for white wheat since the issue of genetically modified wheat has subsided with the failure to find any further evi- dence of any GMO wheat anywhere in the region.

Information and opinions contained herein come from sources believed to be reliable, but are not guaranteed as to accuracy or completeness. The risk of loss in trading futures and/or options is substantial. Each investor must consider whether this is a suitable investment. When trading futures and/or options, it is possible to lose more than the full value of your account. All funds com- mitted should be risk capital.