Wheat Prices Sharply Higher !

Wheat Prices Sharply Higher !
Wheat Prices Sharply Higher !

Wheat Futures—Wheat futures in the December contract is trading higher for the 2nd consecutive session up $0.12 at 5.25 a bushel continuing its bullish momentum to the upside as this market looks to move even higher in my opinion.

I have been recommending a bullish position from around the 4.82 level and if you took that trade continue to place the stop loss under the 10-day low which now stands at 4.85 as wheat prices hit a 3-month high and looks to test the 5.50 level in my opinion.

One interesting fact about this commodity is that the open interest is rising and that tells you that there is fresh buying of this commodity and that is a good sign for higher prices ahead as we are trading above the 20 and 100 day moving average as demand is starting to enter this market which is a terrific thing to see so stay long and continue to place the proper stop loss.

At the current time I’m also bullish soybean meal and corn as I think the whole grain market is going higher as it looks like we will come up with an agreement with China on trade in the next month as I see no reason to be short.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 as 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.