How low can wheat go?, page-85

Wheat at current levels is a relatively good risk/reward prop, with a potential double bottom on the weekly and northern hemisphere crops coming out of dormancy, when the trade can get highly volatile.

Also note the Commitment of Traders report showing a big net short position (non-commercial basically means funds) that is well outside the 5-year average for this time of year. This is the stuff of nice short covering rallies if the market gets the slightest indication of supply-side risk.