Wheat Futures—Wheat futures in the December contract is trading lower by 2 cents at 5.09 a bushel right near a 2 week low as prices have stalled out over the last week. I have been recommending a bullish position from around the 4.82 level and if you took that trade the stop loss stands at 5.04 on a hard basis only as an exit strategy as we are just an eyelash away from being stopped out.
The whole grain market has stalled out as this is my only grain recommendation left as improving weather conditions have sent prices down about 25 cents over the last 8 days as this would still be a good trade even if stopped out, however I am not willing to risk more than the 5.04 level.
Wheat prices are now trading right at their 20 day but slightly above its 100 day as the trend has turned mixed, but I will not 2nd guess so continue to place the proper stop loss and if we get touched then it is time to move on and look at other markets that are beginning to trend.
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