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.
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