What Happened To Wheat Prices ?

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Wheat Futures---Wheat futures in the December contract settled last Friday in Chicago at 5.42 a bushel while currently trading at 5.75 as prices look to test the contract high which was hit on March 31st at 5.77 in my opinion.

I have been recommending a bullish trade from around the 5.40 level and if you took that trade continue to place the stop loss under the 10-day low which now stands are 5.33 as an exit strategy, however the chart structure will not improve for another 8 trading sessions so you will have to accept the monetary risk at this time.

The grain market across the board has caught fire in recent weeks as I also have bullish recommendations in soybean & soybean meal while also having a bullish bias towards corn prices as demand has come back from China so continue to play this to the upside.

The volatility will increase as we enter the season of autumn as I think $6 is in the cards possibly next week so continue to play this higher as I will be looking at adding more contracts once the risk/reward becomes more in your favor. Wheat prices are trading above their 20 and 100 day moving average as this trend is higher as historically speaking prices still look cheap.

TREND: HIGHER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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