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Chicago Wheat Futures Options trading news – Discount futures broker – BrokersEDGE – 5-22-18

WHEAT (July)

Yesterday’s Close: July wheat futures finished the day down 10 ¾ cents, this after trading in a range of 21 ¼ cents for the day. Funds were estimated to have been sellers of 8,500 contracts.

Fundamentals: Wheat futures turned south on the open yesterday on ideas that beneficial weekend rains would help the crop. The USDA released their weekly Crop Progress report yesterday which showed good/excellent ratings unchanged at 36%, this is still well below the 56% we saw for the same time last year. Spring wheat is 79% planted and 37% emerged, this is below last years pace but nearly in line with the 5-year average. Export inspections yesterday morning came in at 341,299 metric tons.

Technicals: The market traded in a wide range, testing and holding both our first support and resistance levels which came in at 502 ¾-505 ¾ and 523-524 ¼ respectively. If support holds, that will keep higher lows in place and a breakout above resistance will give the market higher highs. This is what the bulls want to see for a bigger move higher. We have our bias as Bearish/Neutral until a conviction close above resistance.

Bias: Bearish/Neutral

Resistance: 523-524 ¼**, 543 ½-545***

Support: 502 ¾-505 ¾***, 477 ½-482 ¾****, 467 ¾**

 

If you have any questions about the commodity futures and options markets, trading or opening an account please let us know!

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

 

 

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

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