Wheat Prices Hit A 3 Week Low

16 Oct in Blog, commodity consulting, commodity trading, corn futures, futures broker, Kansas City wheat, Michael Seery, Minneapolis wheat, oat futures, rough rice futures, Seery Futures.com, soybean futures, soybean meal futures, soybean oil futures, wheat futures

Wheat Futures--- This is exactly the reason why I have been avoiding the grain market currently as wheat prices settled last Friday at 5.09 a bushel ending on a sour note this Friday afternoon finishing down 10 cents at 4.92 trading below its 20 and 100 day moving average as the grains continue to have false breakouts and choppy trade so avoid this market at the current time.

Wheat prices could not rally despite the fact that the U.S dollar continued to head lower this week, but sometimes you must look at markets and understand that they are headed nowhere as I truly do believe that the grain market should be avoided as they have become extremely choppy and difficult to trade successfully in my opinion.

At the current time I have very few recommendations as I’m waiting for better chart patterns to develop lowering monetary risk as wheat prices now have sold off $.40 from last week’s high around 5.32 and look to possibly head back down to 4.65, but I see no reason to own wheat or sell wheat until tighter chart structure develops therefore creating lower monetary risk so look at other markets that are beginning to trend as at the current time there are very few commodities that I’m interested in trading which happens throughout the trading year as I don’t like to trade just to trade as you must be disciplined. TREND: MIXED–CHART STRUCTURE: IMPROVING

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