 Hello, welcome to this week's CMC Markets Commodity Snapshot with myself Jasper Lawler, market analyst at CMC. We're going to be having a look at wheat. Now, there's an interesting potential reversal pattern setting up in wheat charts. And that alongside with a slight seasonal shift that could be taking place on the commodity, we're going to look and see how that could play out. Taking a look back at recent history for wheat, we saw at the start of the year prices had a bit of a run-up. This was mainly surrounding the Ukrainian crisis and a potential threat to production from Ukraine, which could have driven down supply and driven up prices. And that did temporarily on the threat of that happening. But as that never quite followed through, focus shifted over to the US, whereby planting was on the increase and actually it looked like there was going to be a bump a year of production. So prices rapidly came down, went through the lows of the year and we've seen a huge drop in prices for wheat since the highs that were made around April May time. So now we're moving into the season for winter wheat. And there's been a slight pick up in prices off the lows at around $4.60 per bushel. So let's have a look at the chart now and see how that sets us up. Now, this is a daily chart for wheat and it shows that sharp decline that we've seen since the May. But we have seemingly started to put in what could be a bit of a bottoming formation and potentially could be an inverse head and shoulders pattern. Now you can see I've labeled the left shoulder, head and right shoulder on here. What we're essentially looking at is the need for the price to break through about $5.60 per bushel to really confirm a breakout through the neckline of this pattern and push prices higher. And what we really need to do to see that is further confirmation that this winter thaw is starting to affect production. Should that not emerge to be the case, we have a rising trend line connecting these two recent lows from the low around $4.60. Should we break through this rising trend line? The chance of this inverse head and shoulders pattern coming off is significantly reduced and what we could be looking at is just a continuation of this longer term trend whereby productions on the up and prices on the way down for wheat. Okay, that's it for this week's CMC Markets Commodity Snapshot. We were looking at wheat. Now the key here is just to follow the next USDA crop reports and also keep an eye on this inverse or potential inverse head and shoulders chart pattern. Should we see a breakthrough the neckline and some more confirmation that the crop is not what it proposed to be at the start of the year, then we could see significantly higher prices in wheat.