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March Wheat commodity futures
Yesterday’s Close: March wheat futures finished yesterday’s session up 1 ¾ cents, trading in a range of 6 ¼ cents. Funds were estimated buyers of 2,000 contracts on the day.
Fundamentals: The pullback in the U.S. Dollar yesterday certainly helped provide some support to the market, coupled with spillover strength from corn and beans. Other than weekly export sales out tomorrow, there is not a lot of new news expected, which is why we will continue to keep a close eye on the technicals.
Technicals: The market has been able to stabilize fairly well following last Thursday’s sell off. In yesterday’s report we defined technical resistance as 522 ¼-525, this pocket represents the 100-day moving average, Friday’s highs, and the original breakdown point from Thursday. A close out above this pocket puts the bulls back in the driver’s seat with 537 ¾-541 ¾ as the intermediate term target.
Resistance: 522 ¼-525***, 531-532**, 537 ¾-541 ¾****
Support: 508-510**, 499-501 ¼****
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