Wheat Market Recap
Dec Wheat finished down 14.75 at 579.25, 16.25 off the high and + 2 from the low.
Mar Wheat closed down 8.75 at 594.25. This was + 6.25 from the low and 12.25 off the high.
Dec Wheat closed sharply lower Wednesday and the market is down as much as 0.6250 from last week's highs.
The early selling pushed the market to a new contract low.
The Strong USD and weakness in other grain markets helped to drive the market lower again Wednesday.
Talk that the market is oversold failed to provide much support as traders sense more macro economic risk for grain markets into early next week.
Traders indicated that rain for the US Southern Plains over the past 2 days was disappointing compared with expectations from late last week.
Rains into the weekend look to be centered east of main growing areas. Traders will keep an eye on Southern Plains weather.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.