Wheat Prices Up 19 Cents

Wheat Futures--- Wheat futures in the July contract are currently trading higher by $0.19 at 5.33 a bushel as prices are reacting positively off of the WASDE crop report which was released earlier in the trading session, but in my opinion it was pretty much neutral as this looks like a relief rally due to the recent selloff this week.

As I have talked about in many previous blogs I am bullish the wheat market & if you are long a futures contract continue to place the stop loss under the 2 week low which stands at 5.03 as I still think we could retest the May 29th high of 5.54 in the coming days ahead as the weather situation in Texas & the Great Plains part of the United States is still a problem as hot & dry weather persists.

Wheat prices are still trading above their 20 and 100 day moving average as the trend is to the upside as the volatility is high at the current time as we are witnessing 20 cent days consistently so if you are involved in this market make sure you place the proper amount of contracts risking only 2% of your account balance on any given trade.

One interesting fact is this report was also released one year ago & was also bullish as that was the low in the grain market as then we had a significant rally as the table has been set up once again as this could be the same type of situation, but we need the hot & dry weather to come, but we will have to see if that develops so stay long as I still think higher prices are ahead as this is the strongest grain out of the entire sector.

TREND:---HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY---HIGH

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