Wheat Prices Higher 2nd Day In A Row

Wheat Futures---Wheat futures in the September contract is trading higher for the 2nd consecutive session up another $0.05 at 4.73 a bushel blamed on profit-taking sending prices slightly higher over the last couple of sessions. I have been recommending a bearish trade from the 5.04 level and if you took that trade the stop loss now stands at 5.02, however in Monday's trade that will be lowered to 4.80 as the chart structure then will turn outstanding due to the low volatility.

At the current time I also have bearish recommendations in rice and soybeans as I still think the wheat market will test the contract low around 4.27 in the coming weeks ahead, however we will have to rollover into the December contract due to expiration as the stop-loss will change in tomorrow's blog.

Wheat prices are trading under their 20 and 100 day moving average as the trend is to the downside as ideal weather conditions persist in the Great Plains part of the United States coupled with the fact of large worldwide supplies so continue to play this to the downside while making sure that you only risk 2% of your account balance on any given trade as I do believe prices are headed lower.

TREND: LOWER

CHART STRUCTURE: SOLID

VOLATILITY: LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

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