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I Remain Bearish Wheat Prices

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Wheat Futures---Wheat futures in the September contract is unchanged at 4.72 a bushel experiencing a $0.13 trading range today as the volatility certainly has kicked up over the last several days.

The crop report which was released yesterday showed bearish numbers as I still believe lower prices are ahead as I have been recommending a bearish position from the 5.04 level and if you took that trade the stop now stands at 5.05 on a closing basis only, however the chart structure will not improve for another 8 trading sessions so you will have to accept the monetary risk at this time.

Currently this is my only grain recommendation as I exited the corn position which is sharply lower once again as the crop report was stunningly bearish as I still believe prices will test the contract low of 4.27 in the coming weeks ahead as there is nothing bullish about this commodity.

Wheat prices are trading far below their 20 and 100 day moving average as the trend remains to the downside despite the fact that the Trump Administration has delayed tariffs which pushed up soybean prices, but had very little impact on wheat so stay short and continue to place the proper stop loss.




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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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