Has The Trend In Wheat Changed ?

Has The Trend In Wheat Changed ?
Has The Trend In Wheat Changed ?

Wheat Futures—Wheat futures in the March contract settled last Friday in Chicago at 5.42 a bushel while currently trading at 5.66 as I have been recommending a short position from around the 5.44 level and if you took that trade continue to place the stop loss above the 10-day high standing at 5.66 as an exit strategy on a closing basis.

If we are stopped out will look at other markets are beginning to trend as the precious metal sector by far is the strongest uptrend at the current time as the grains remain choppy. Wheat prices are now trading above their 20 & 100 day moving average as the trend has changed after hitting a 7-week low last week as concerns about the French crop have supported prices in this week’s trade.

Volatility is starting to increase as my only other recommendation out of this sector is a short oat position which basically has gone sideways. Fundamentally speaking the USDA pegged 2020 U.S wheat acreage at 45 million acres as the volatility will increase substantially as we enter the spring and summer months which is right around the corner.

TREND: HIGHER–MIXED

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

 

TWITTER—@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If you’re looking to open a Trading Account click on this link www.admis.com

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.