Wheat and Water

With the U.S. Dollar continuing to weaken today, it is interesting to see which commodities are responding well and which are not. Crude oil is suspiciously soft, while wheat, for example, is surging. 

On the WEAT fund daily chart, first below, note the relatively thinly-traded instrument pushing the highs of the session up and out of the highlighted falling channel after a prior steep downtrend. I am looking to see if other soft commodities also participate. 

And PHO, seen below on the second chart, weekly timeframe, is a good water resource ETF to keep in mind with the California water crisis still in the news. A move ver $47 would trigger a weekly breakout from the impressive consolidation.