Wheat
Fundamentals: Yesterday’s Crop Progress report showed spring wheat is 82% planted, 4% behind the average estimate. 55% of the crop is emerged. Spring wheat harvest is estimated to be 5% complete. Good to excellent ratings remain steady around 30%.
Technicals (July): July wheat futures are the weak link in the early morning trade as the market struggles to get back out above our pivot pocket from 1095-1102. If the Bulls can chew through that pocket with conviction, it could lead to an extension and retracement of the May 31st breakdown point, closer to 1142 ¾-1150. A failure at the pivot pocket would mark a lower high and potentially take us to a lower low, below 1027 ¼.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1142 ¾-1150***, 1200-1205 ¼**
Pivot: 1095-1102
Support: 1027 ¼-1034 ¼****
Fundamentals: Yesterday’s Crop Progress report showed spring wheat is 82% planted, 4% behind the average estimate. 55% of the crop is emerged. Spring wheat harvest is estimated to be 5% complete. Good to excellent ratings remain steady around 30%.
Technicals (July): July wheat futures are the weak link in the early morning trade as the market struggles to get back out above our pivot pocket from 1095-1102. If the Bulls can chew through that pocket with conviction, it could lead to an extension and retracement of the May 31st breakdown point, closer to 1142 ¾-1150. A failure at the pivot pocket would mark a lower high and potentially take us to a lower low, below 1027 ¼.
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.