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ZW1!

Socrates on Wheat "Nobody is qualified to become a statesman who is entirely ignorant of the problem of wheat." - Socrates And what a problem this can turn out to be! Wheat and other agriculture commodities have been hammered lately, leading many talking heads to say "Inflation has peaked". For the short term, they are probably right. However, what they are not considering is wheat had a 10+year basing formation which it broke out of and likely has started a multi year bull market. This little correction we've had looks like it's close to being done. Like Natural Gas, Agricultural commodities may start taking off again very soon. We are at support with Weekly hidden bull divergences. It's possible this goes slightly lower, but collecting here slowly is for me, an ideal area to buy. If the long term chart of Wheat is a cup and handle, we could see a tripling of prices over the next few years. For those who don't trade futures, General ag commodities ETF is DBA, Wheat ETF is WEAT. The charts are very similar.
CBOT:ZW1!Long
by the_sunship
2
wheatPrecipitation in the EU and the USA and the possible unblocking of Ukrainian ports increase the pressure on wheat prices Against the background of technical purchases, wheat futures on world exchanges rose yesterday: by 0.9% or $2.66/t to $301.1/t – September futures for soft winter SRW wheat in Chicago, by 0.1% or $0.46/t to $319.9/t – September HRW hard winter wheat futures in Kansas City, by 0.9% or €3/t to €340/t or $347.4/t – September wheat futures on Paris Euronext. At the same time, September futures for HRS durum wheat in Minneapolis fell by 0.5% or $1.93/t to $339.6/t, and August futures for Black Sea wheat in Chicago remained at 360.25 $/ton During the first 10 days of the new season, the EU exported 363,944 thousand tons of wheat, which is 24% more than the same figure last year. Today, the markets are waiting for the results of the negotiations on unblocking the ports of Ukraine and accurate data on the auctions in Egypt. However, one should not expect a sharp drop in prices from the decision to resume exports from Ukraine, since realistically supplies will not resume before September, and the daily shelling of Mykolaiv will not allow port terminals to work, especially those owned by foreign companies.
CBOT:ZW1!Short
by HOANGDANH88