Wheat Futures—Wheat futures in the Mach contract are trading higher by 3 cents at 5.53 a bushel in a relatively quiet trade this Wednesday afternoon in Chicago as I’m currently not involved in this market, but clearly the trend is to the upside in my opinion.
If you are long a futures contract I would place the stop under the 10-day low standing at 5.40 as an exit strategy which is just an eyelash away as my only grain recommendation at the current time is long a corn trade as we continue to grind higher on a weekly basis in wheat which is trading above their 20 & 100 moving average as the trend clearly is to the upside.
This market is based only on weather conditions in the Great Plains part of the United States which is experiencing extraordinary warm weather conditions as I will be patient and I will wait for better chart structure to develop.
CHART STRUCTURE: EXCELLENT
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