May Wheat commodity futures new and research – BrokersEDGE – 3-7-19

Wheat (May)
Yesterday’s Close: May wheat futures finished yesterday’s session down 14 ¾ cents, trading in a range of 15 cents. Funds were estimated sellers of 7,500 contracts on the day.
Fundamentals: The market is desperate for some good news to help stop the bleeding, the bull camp is hopeful that tomorrow’s USDA report could be that catalyst. Estimates for U.S. carryout range from 1.010-1.050 billion bushels, the average being 1.020 billion bushels, a notch above the 1.010 we saw in February. Estimates for world carryout come in from 266.0-269.0mmt, the average also being little changed from last month’s report. Export sales this morning came in at 622,000 metric tons, above the top end of expectations.
Technicals: The lack of follow through yesterday from the previous day’s session was a big caution flag. The failure against our resistance pocket from 463 ¾-466 ½ led to a full day of selling in yesterday’s session. With prices in uncharted territory this morning, making new contract lows, it’s tough to say where the next support is. We think the market is overdone to the down side, but that does not mean we are aggressively buying here. We want to be bullish at these prices, but the chart does not warrant it, this is why we have kept our bias as neutral.
Bias: Neutral
Resistance: 450**, 463 ¾-466 ½***
Support: 441 ½**, 430*

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 or at 877-329-0006 and visit us at

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.

Sign Up for BrokersEDGE

Talk to a broker

DAW Trading