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Wheat Prices Are Heading Lower. Sell Here.
['Jim Wyckoff', 'Tue', 'August', 'At Pm Gmt', 'Min Read']
Yahoo Finance
Field of wheat at golden hour by Bruno via PixabayDecember soft red winter wheat futures (ZWZ26) present a selling opportunity on more price weakness.
See on the daily bar chart for December soft red winter wheat futures that prices are starting to trend down and a bearish broadening pattern has developed.
Also, it appears the recent rally factored into futures prices the prospects for reduced wheat supplies coming out of the Black Sea region.
A move in the December SRW wheat futures below chart support at $6.65 would become a selling opportunity.
Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%):Trading commodity futures and options is not for everyone.