Wheat Futures---Wheat futures in the September contract is unchanged at 4.72 a bushel experiencing a $0.13 trading range today as the volatility certainly has kicked up over the last several days.
The crop report which was released yesterday showed bearish numbers as I still believe lower prices are ahead as I have been recommending a bearish position from the 5.04 level and if you took that trade the stop now stands at 5.05 on a closing basis only, however the chart structure will not improve for another 8 trading sessions so you will have to accept the monetary risk at this time.
Currently this is my only grain recommendation as I exited the corn position which is sharply lower once again as the crop report was stunningly bearish as I still believe prices will test the contract low of 4.27 in the coming weeks ahead as there is nothing bullish about this commodity.
Wheat prices are trading far below their 20 and 100 day moving average as the trend remains to the downside despite the fact that the Trump Administration has delayed tariffs which pushed up soybean prices, but had very little impact on wheat so stay short and continue to place the proper stop loss.
CHART STRUCTURE: POOR
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