Wheat
Fundamentals: This morning’s weekly export sales report showed net sales 700 metric tons (MT) for 2021/2022 were down noticeably from the previous week and down 98 percent from the prior 4-week average. Net sales of 363,500 MT for 2022/2023.
Technicals: Wheat futures were able to stage a recover rally yesterday, albeit a relatively tiny one relative to the sharp move lower we saw in the prior two sessions. The Bears have the technical advantage, but a bigger recovery rally towards 1095-1102 cannot be ruled out. As mentioned, a million and one times over the last several weeks, we expect the volatility to continue so be sure to manage your risk.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1095-1102
Support: 1027 ¼-1034 ¼****
Fundamentals: This morning’s weekly export sales report showed net sales 700 metric tons (MT) for 2021/2022 were down noticeably from the previous week and down 98 percent from the prior 4-week average. Net sales of 363,500 MT for 2022/2023.
Technicals: Wheat futures were able to stage a recover rally yesterday, albeit a relatively tiny one relative to the sharp move lower we saw in the prior two sessions. The Bears have the technical advantage, but a bigger recovery rally towards 1095-1102 cannot be ruled out. As mentioned, a million and one times over the last several weeks, we expect the volatility to continue so be sure to manage your risk.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1095-1102
Support: 1027 ¼-1034 ¼****
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.