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-
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