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March Wheat Futures Trading
Last Week’s Close: March wheat futures finished Friday’s session up 4 ¾ cents, trading in a range of 8 ¾ cents. Futures were down 6 ½ cents for the week.
Fundamentals: Wheat futures have been hampered by the longest dollar rally in two years and a stagnate corn and bean market hasn’t provided an ounce of tailwind momentum. Winter wheat acres came in at 31,290,00, the lowest since 1909, even this fell short of offering support to the market.
Technicals: The technical damage was done on Thursday as prices sliced through multiple technical indicators. The market is fluttering around the low end of last week’s trade, a break and close below opens the door for a bleed out. Bulls need to reclaim ground above 519-522 ½ to right the ship.
Resistance: 519-522 ½***, 531-532***, 537 ¾-541 ¾****
Support: 508-510**, 499-501 ¼****
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