Wild Trading Day In Wheat Futures

24 May in Blog, commodity broker, corn futures, futures broker, futures trading, Kansas City wheat, Michael Seery, Minneapolis wheat, oat futures, option broker, rough rice futures, Seery Futures LLC, soybean futures, soybean meal futures, soybean oil futures, wheat futures

Wheat Futures---July wheat futures finished lower by 1 cent a bushel currently trading at 6.63 in an incredibly wild last two weeks of trading where we hit a contract low of around 5.95 before rocketing higher in just five trading days ago hitting 7.22 which was hit last Monday only to sell off $.60 from that level blamed on profit-taking and the fact that prices gone up too quickly to fast. The reason for the spike upwards were concerns over Russian and Australian droughts as well as hot temperatures over the Great Plains causing stress to the crop, however at this point this chart has been nothing but a nightmare for the last six months and I still advise not to trade wheat at this point until a trend with solid chart structure develops and there has not been one for a long time in the wheat market. I am still bearish wheat prices if I had to trade the market I would be short because  I do not believe this drought in the southern plains or Russia or in Australia and I believe a giant short squeeze happened last week thus if you are a farmer you should hedge at these high price levels. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.

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