Wheat Prices At Critical Level

06 Oct in Blog, commodity consulting, commodity trading, corn, futures, Mike Seery, oats, option trading, seeryfutures, soybean meal, soybean oil, soybeans, wheat

Wheat Futures--- Wheat futures in the December contract settled last Friday in Chicago at 4.48 a bushel while currently trading at 4.43 down about 5 cents for the trading week as I have been recommending a bullish position over the last month around the 4.50 level and if you took the trade continue to place the stop loss at 4.39 on closing basis as the chart structure is outstanding due to the extremely low volatility which is shocking in my opinion.

Wheat prices ares now trading under their 20 day average and their 100 day which stands at 4.67 and as I've talked about in many previous blogs I think that's the critical level to the upside, but there is very little fresh fundamental news to push prices in either direction at the current time as traders are awaiting next week's USDA crop report. At the present time I have bullish positions in soybeans & soybean meal as there is an interesting thing about the Minneapolis wheat as it filled the price gap at 6.07 earlier this week which took over 3 months to finally fill and I think that's a bullish indicator to the upside.

I will continue to place the proper stop loss and if you have not participated in this trade the risk is around $200 per contract plus slippage & commission as the risk/reward are in your favor.TREND: --MIXED--CHART STRUCTURE: EXCELLENT

 

 

 

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