Wheat Commentary


Wheat – Just My Opinion

Dec Chgo Wheat closed 9 ¾ cents lower ($5.88 ¼), March 8 ¾ cents lower ($5.97 ¼), & July 7 cents lower ($5.97 ¾)

Dec KC Wheat closed 10 ¼ cents lower ($5.44), March 9 ¾ cents lower ($5.52 ¾) & July 9 ½ cents lower ($5.63)

Dec Mpls Wheat closed 6 cents lower ($5.49), March 7 ¼ cents lower ($5.65 ¼) & July 6 ¼ cents lower ($5.81 ¾)

Weekly Wheat Export Sales – old crop vs. 200-700 K T. expected – new crop vs. none expected

US wheat futures continue to show its true colors stemming from a slack export market. I’m still seeing a fair amount of global wheat business happening but little involves US origin. Charts are ugly looking yet short term inter-day technical considerations suggest caution selling the break. The other day I suggested fading the break against suspected support at the $5.80-$5.85 level. It looks like we could see that level sooner vs. later and it’s still worth a shot for a short term trade. Am I out in left field thinking the wheat market will develop into a trading range affair vs. developing into a long drawn out downtrend?

Daily Support & Resistance – 11/13

Dec Chgo Wheat: $5.80 – $5.96

Dec KC Wheat: $5.35 – $5.50

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.