Is Wheat Climbing the Wall of Worry?
Wheat
Technicals (September)
Wheat futures traded lower in yesterday's trade after failing against the previous day's high. That failure snapped a five-day winning streak but wasn't enough to do change much more on the technical landscape. Those high prints from the prior two sessions will act as first resistance at 548 3/4, above that is a more significant resistance pocket from 555 1/2-556 1/4. This is illustrated on the chart below where you can see it acting as more of an inflection point for the market. The Bears have the technical advantage until we see a close above here.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish (cautiously optimistic)
Resistance: 548 3/4***, 555 1/2-556 1/4***, 590-592***
Pivot: 537-540
Support: 525 1/4-530***, 514-517****
Weekly Export Sales Estimates (released at 7:30am CT)
250,000 to 500,000 MT. Last week's report came in at 286,600 MT, down 7 percent from the previous week and 41 percent from the prior 4-week average.
Average Estimates for August 12th USDA Report
All Wheat Production: 2.014 billion bushels
24/25 Ending Stocks: 861 million bushels
Below: Daily Chart of September Wheat Futures, depicting resistance and a potential inflection point for the market from 555 1/2-556 1/4.
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
Technicals (September)
Wheat futures traded lower in yesterday's trade after failing against the previous day's high. That failure snapped a five-day winning streak but wasn't enough to do change much more on the technical landscape. Those high prints from the prior two sessions will act as first resistance at 548 3/4, above that is a more significant resistance pocket from 555 1/2-556 1/4. This is illustrated on the chart below where you can see it acting as more of an inflection point for the market. The Bears have the technical advantage until we see a close above here.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish (cautiously optimistic)
Resistance: 548 3/4***, 555 1/2-556 1/4***, 590-592***
Pivot: 537-540
Support: 525 1/4-530***, 514-517****
Weekly Export Sales Estimates (released at 7:30am CT)
250,000 to 500,000 MT. Last week's report came in at 286,600 MT, down 7 percent from the previous week and 41 percent from the prior 4-week average.
Average Estimates for August 12th USDA Report
All Wheat Production: 2.014 billion bushels
24/25 Ending Stocks: 861 million bushels
Below: Daily Chart of September Wheat Futures, depicting resistance and a potential inflection point for the market from 555 1/2-556 1/4.
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.