Wheat Futures---Wheat futures in the December contract settled last Friday in Chicago at 4.82 a bushel while currently trading at 4.65 down about $0.17 for the trading week reacting very bearish to the USDA crop report which was released yesterday sending prices down $0.20 as ending stocks were stated at 933 million bushels, but expectations were around 901 coupled with the fact of excellent growing conditions pushing wheat prices to lows that we haven't seen since June 12th.
There is major support around the 4.50/4.60 level as we traded in that area for several months before rallying on fears of drought in the Dakotas and in the state of Montana as I have been looking at a bullish position in this market, but I will avoid the grains for now as they still look like they are headed lower in my opinion.
Wheat prices are trading under their 20 and 100 day moving average telling you that the trend is to the downside as the chart structure is poor at the present time so look at other markets with a better risk/reward scenario.TREND: LOWER–CHART STRUCTURE: POOR
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