The mind of the wheat market is pondering a seasonal low. $6.35 - $6.38 - $6.36hellip;The last three lows printed by the Chicago December futures contract, all within the last three weeks and all within three cents of the lowest the contract has traded in its existence.

Following each low, the price has rebounded at least 15 cents within a few days. The pattern suggests that each time wheat gets down to the mid-$6.30's there is some buying support discovered and/or the selling pressure weakens, but there is not enough upward demand to carry the price into a new positive trend. The market is...