Will Wheat Prices Break $5.00 ?

Will Wheat Prices Break $5.00 ?
Will Wheat Prices Break $5.00 ?

Wheat Futures—Wheat futures in the December contract is currently trading lower by 1 cent a bushel at 4.89 as the volatility remains very low as we need some fresh news to push prices higher in my opinion.

I have been recommending a bullish position from around the 4.82 level & if you took that trade continue to place the stop loss under the September 3rd low of 4.50 as an exit strategy, however later this week I will raise the stop therefor the monetary risk will be lowered.

The large money managed funds are short 21,000 contracts as they still believe lower prices are ahead as they are short the entire grain market as that could cause some short-covering if any type of bullish new arrives. Prices are trading above their 20 day, but still slightly below their 100 day moving average also standing at major resistance at the 5.02 level as that needs to be broken for the bullish momentum to continue.

The U.S dollar is still hovering right near a 2 year high as that has had a negative influence on many of the commodity sectors, but it looks to me that all of the poor fundamental news has already been digested into the price as I think the downside is limited.





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