Wheat
Fundamentals: Yesterday's crop progress report showed spring wheat ratings at 66% good/excellent, 7% better than estimates. Winter wheat is 54% harvested, a hair behind expectations. Yesterday's weekly export inspections came in at 111,830 metric tons, well below the range of estimates.
Technicals: Our bias has been in bearish territory for a while now, but the market retreated back to some significant levels. Previous resistance in December and February from 800-815, was the breakout point on February 22nd. The full retracement in our eyes represents a short-term opportunity for relief in what is also a deeply oversold market. The chart still looks ugly as sin, but as with corn, there's a good risk/reward trade to the buyside at these levels, whether that be short covering or initiating a new position. We are moving our bias out of bearish territory to outright Neutral.
Bias: Neutral
Previous Session Bias: Neutral/Bearish
Resistance: 898 ½-903****, 960-970***
Pivot: 839-849
Support: 800-815****, 739-749***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Fundamentals: Yesterday's crop progress report showed spring wheat ratings at 66% good/excellent, 7% better than estimates. Winter wheat is 54% harvested, a hair behind expectations. Yesterday's weekly export inspections came in at 111,830 metric tons, well below the range of estimates.
Technicals: Our bias has been in bearish territory for a while now, but the market retreated back to some significant levels. Previous resistance in December and February from 800-815, was the breakout point on February 22nd. The full retracement in our eyes represents a short-term opportunity for relief in what is also a deeply oversold market. The chart still looks ugly as sin, but as with corn, there's a good risk/reward trade to the buyside at these levels, whether that be short covering or initiating a new position. We are moving our bias out of bearish territory to outright Neutral.
Bias: Neutral
Previous Session Bias: Neutral/Bearish
Resistance: 898 ½-903****, 960-970***
Pivot: 839-849
Support: 800-815****, 739-749***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.