Winter wheat futures traded higher for a fourth consecutive session on Tuesday. December Chicago wheat traded more than a nickel higher at the start of the morning session to $5.30 a bushel. 

It seems like the market has been trying to look past large global supplies. The complex has an upward seasonal bias at least through November. Chicago prices have been moving to the upper end of their consolidation range from August. Near-term technical resistance is around $5.35 a bushel. 

The recent break in the U.S. dollar adds support for wheat futures, as the lower currency could help attract global buyers. 

Global wheat prices have been trying to build a base after declining through the back half of the summer. High global supplies have kept a lid on price action due to strong global competition. 

U.S. farmers planted 11 percent of their expected winter wheat acreage as of last week, compared to 13 percent the same week last year. The winter wheat belt received a fair amount of precipitation over the past week, where moisture could help crop establishment ahead of winter.

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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.