Wheat
Fundamentals: Yesterday’s weekly export inspections report came in at 185,989 metric tons, well below the 532,898 we saw in the same week last year. The weekly Crop Progress report showed good/excellent ratings for spring wheat at 71%. 68% of the crop is headed. Winter wheat harvest is 70% complete.
Technicals (September): Wheat futures continue to consolidate near previous resistance levels and the psychologically significant $8.00 handle. If the Bulls fail to defend our pivot pocket, we could see the selling pressure pick back up. A close out above 815 would feel would have the opposite effect.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 839-849**, 898 ½-903****, 960-970***
Pivot: 800-815
Support: 739-749***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Fundamentals: Yesterday’s weekly export inspections report came in at 185,989 metric tons, well below the 532,898 we saw in the same week last year. The weekly Crop Progress report showed good/excellent ratings for spring wheat at 71%. 68% of the crop is headed. Winter wheat harvest is 70% complete.
Technicals (September): Wheat futures continue to consolidate near previous resistance levels and the psychologically significant $8.00 handle. If the Bulls fail to defend our pivot pocket, we could see the selling pressure pick back up. A close out above 815 would feel would have the opposite effect.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 839-849**, 898 ½-903****, 960-970***
Pivot: 800-815
Support: 739-749***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.