Futures Commentary and Analysis

Back

Wheat Prices Sharply Lower
Michael Seery - IF - Wed Jan 11, 11:43AM CST

Wheat Futures--- Wheat futures in the March contract are trading lower by $0.13 at 4.13 a bushel as the entire grain market is on the defensive this Wednesday afternoon in Chicago as I have been recommending a bullish position in wheat from around the 4.25 level & if you took that trade continue to place your stop loss under the 10 day low which now stands at 4.02 as traders await tomorrow's highly anticipated USDA crop report.

The chart structure in this commodity is outstanding at the present time as volatility has been relatively low as prices were unable to break major resistance at the 4.30 level so let's see what tomorrow's report states & continue to place the proper stop loss. The U.S dollar was up on another 50 points today putting some pressure on the grain market as a whole as tomorrow's report is expected to have less acres planted but higher inventory numbers as the grain market still has not participated to the upside at all in recent weeks.

Weather conditions in the Great Plains of the United States are starting to improve as I still think volatility is going to increase exponentially in the coming weeks.TREND: MIXED–CHART STRUCTURE: EXCELLENT-

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-312-224-8140 he will be more than happy to help you with your trading or visit www.seeryfutures.com Skype Address: mseery TWITTER---@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

If you’re looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.


Back
Markets: Currencies - Energies - Financials - Grains - Indices - Meats - Metals - Softs - Full List Contact Us