Wheat Prices Lower On Heavy Snow

Wheat Futures--- Wheat futures in the March contract settled this Friday afternoon in Chicago at 4.49 a bushel gaining about 3 cents for the trading week selling off this afternoon on heavy snow entering parts in the Great Plains and parts of the United States adding moisture levels which have been a concern.

Wheat prices touched a 4 month high in yesterday's trade around the 4.64 level as that area has to be breached once again for the bullish momentum to continue in my opinion as we have traded lower for the 2nd consecutive session, however we are still trading above the 20 and 100 day moving average as trend still remains to the upside in my opinion.

I have been recommending a bullish position over the last month from the 4.40 level if you took the trade the stop loss remains at 4.38 as the chart structure is excellent at the present time as I will also be recommending to add another bullish position if the critical level of 4.64 is broken on a closing basis.

The commodity markets in general experienced a very poor day today across the board as the U.S dollar continues to move higher on a daily basis as there is panic out there as the U.S stock market has sent shock waves throughout many commodity sectors.

Oil & the precious metals have sold off every single day this week as nobody sees any reason to buy anything, however I think that will subside as wheat prices still remain cheap especially with the weather concerns that we are currently experiencing.




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