Wheat Futures---Wheat futures in the May contract settled last Friday in Chicago at 4.39 while currently trading at 4.63 right near a 2 week high. Prices on Monday traded as low as 4.27as we have now rallied about $0.35 due to the fact of lower acre estimates and extremely turbulent weather conditions in the Great Plains part of the United States.
If you have followed any of my previous blocks you understand that I have been bearish for some time, but it looks to me that a bottom in corn and wheat finally has occurred.
If you are short a futures contract I would place the stop loss above the 2 week high standing at 4.64 as an exit strategy. Heavy rain & winter storms are causing flooding concerns and that is why you're seeing corn rally as well. We are now heading into the spring & summer months as weather will be the main focus for prices as the volatility certainly will expand to the upside in my opinion.
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