Sept Chgo Wheat closed 6 ¾ cents lower ($7.11 ¼), Dec 6 ¾ cents lower ($7.25 ½) & March 6 ¾ cents lower ($7.38 ¾)
Sept KC Wheat closed 2 ¼ cents lower ($7.02), Dec 2 ¼ cent lower ($7.15) & March 1 ¾ cents lower ($7.24 ¼)
Sept Mpls Wheat closed 5 ½ cents lower ($9.25 ¼), Dec 2 ¾ cents lower ($9.08) & March ¼ cent higher ($8.96)
Weekly Wheat Export Sales – old crop vs. 200-600 K T. expected – new crop vs. none expected
Flat price wheat continues to be in its recent correction/consolidation mode with Chgo prices taking the lion’s share of the flat price correction. Inter-market spreading appears to be obvious; KC gaining on Chgo, Chgo wheat losing to corn and soybeans. I was a bit surprised at today’s early weakness considering what appears to be a fair amount of global business around; Pakistan (although less than expected), Jordan, Tunisia, Turkey. I’ll continue with my original game plan thinking Dec Chgo wheat should be able to realize support from $7.20 down to $7.10 and Dec KC wheat below the $7.00 level.
Daily Support & Resistance – 08/26
Dec Chgo Wheat: $7.14 – $7.38
Dec KC Wheat: $7.07 ($7.00) – $7.30
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.