Wheat Futures—Wheat futures in the December contract settled last Friday in Chicago at 4.87 while currently trading at 4.89 a bushel as the volatility remains extremely low looking for some fresh fundamental news to dictate short-term price action.
I have been recommending a bullish trade from around the 4.82 level & if you took that trade the stop loss has now been raised to the September 3rd low of 4.50 as an exit strategy as seasonably speaking the volatility should start to climb as winter is right around the corner.
Wheat prices are trading above their 20 day but still slightly below their 100 day moving average standing at the 5.02 level as I also have a bullish soymeal recommendation as I’m keeping a close eye on corn as well as I do think these commodities have finally bottomed.
For the bullish momentum to continue we have to break the September 30th high of 5.01 in my opinion & if that does occur I will be possibly looking at adding more contracts to the upside as we await next week’s crop report which definitely could spark this market to the upside so stay long.
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