Futures Commentary and Analysis


Wheat Prices Still Remain Bearish
Michael Seery - IF - Sun Dec 17, 10:15AM CST

Wheat Futures--- Wheat futures in the March contract settled last Friday in Chicago at 4.19 a bushel while currently trading at 4.19 unchanged for the trading week experiencing extremely low volatility as I think that will continue until year end as there is very little fresh fundamental news to push prices in either direction.

Wheat hit another contract low on December 12th around 4.10 a bushel as I still remain negative on this commodity as I think we could trade down to the 3.95 level & if you are short a futures contract place the stop loss above the 10 day high which in Monday's trade will be 4.36 as that will also start to improve on a daily basis therefore lowering your monetary risk.

At the present time ideal weather conditions in the Great Plains of the United States continue to push prices lower coupled with the fact of weak demand and huge worldwide supplies as there is very little bullish fundamental news to push prices higher.

Large money managed funds are still heavily short wheat and corn which also hit a contract low in this week's trade as I'm certainly not recommending any type of bottom fishing as that would be counter trend trading as this has been in the bearish trend now for over 5 straight months as prices are still trading far below their 20 and 100 day moving average, however I do believe that the volatility will increase tremendously once 2018 arrives.




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