How High Are Wheat Prices Going ?

How High Are Wheat Prices Going ?
How High Are Wheat Prices Going ?

Ears of golden wheat close up

Wheat Futures—Wheat futures in May contract is trading sharply higher for the 2nd consecutive session up another $0.15 at 6.76 a bushel as the grain market across the board continues to climb higher on a weekly basis as these are strong trends to the upside.

I have been recommending a bullish position from around the 6.64 level and if you took that trade continue to place the stop loss under the 5.92 level as an exit strategy, however the chart structure will improve next week therefor the monetary risk will be reduced significantly. The volatility is climbing as prices have rallied about $0.70 over the last 3 weeks and it’s going to become even more violent come the summer months as a weather problem could develop such as a drought in the Great Plains part of the United States.

The next major level of resistance stands all the way at the 7.00 area as there is significant room to run in my opinion as the spread between corn and wheat is too tight therefore I believe wheat prices will rally significantly. At the current time prices are trading above their 20 & 100 day moving average as the trend is to the upside and if you look at the daily chart the trendline remains intact and if you’re not involved wait for some type of price sell-off therefor lowering the monetary risk before entering into a bullish position. 








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