Wheat Futures—Wheat futures in the May contract settled down 2 cents at 4.65 a bushel as traders are waiting for tomorrow’s crop report which will send some fresh news back into this market. If you are bullish and are long a futures position I would place the stop loss at 5.52 as an exit strategy.
If you are bearish and think a top has been created I would then place the stop loss above the double top around the 4.78 level as the chart structure is excellent in both directions.
Winter wheat conditions will be released this afternoon as they are expected to be around 56% good to excellent as the large money managed funds are still short around 56,000 contracts as they still believe lower prices are ahead and in my opinion it does look like a short term top may have been formed.
Many of the agricultural sectors still remain bearish or in sideways trends as we start to enter the very volatile summer months, but I still think wheat prices are pretty much stuck in the mud for the next several weeks.
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