Wheat Futures–-Wheat futures in the December contract settled last Friday at 5.32 a bushel while currently trading at 5.21 down about 11 cents for the trading week still digesting the recent run up in prices.
I have been recommending a bullish position from around the 4.82 level and if you took that trade place the stop loss at the 10 day low at 5.04 as the chart structure is excellent.
Canadian harvest activity accelerated with Saskatchewan up 20% on the week to 84% complete as the International Grain Council revised their September estimates for 19/20 world carryover stocks down 1 MMT to 271 MMT for October’s estimate. They also revised world production and consumption each lower by 1 MMT as the Australian production was trimmed to 17 MMT which is now below a year ago.
Wheat prices are still trading above their 20 & 100 day moving average which tells you that the trend is higher so stay long and continue to place the proper stop loss as prices are still hovering around a 3 month high.
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