Wheat futures bounce from oversold levels on strong export demand.

Ted Seifried breaks down the latest price action in Wheat futures, as the December contract manages a rare higher close after an extended $2 slide. Seifried highlights the extremely oversold technical conditions, with the relative strength index dipping below 20% on Wednesday. He also discusses the fundamental drivers behind the bounce, including robust weekly export sales of 850,000 metric tons, which easily topped market expectations, and new international inquiries for U.S. supplies.