Wheat Prices Near A 4 Week High
Michael Seery of Seery Futures - InsideFutures.com - Wed Jan 03, 2:58PM CST

Wheat Futures---Wheat futures in the March contract is currently trading up 2 cents at 4.36 a bushel as it looks to me that a bullish trend is starting to develop as we have now entered 2018 with extremely cold temperatures in the Great Plains part of the United States as prices are right near a 4 week high.

At the present time I'm still sitting on the sidelines, but could be involved in this market come tomorrow as I am also looking at a possible bullish position in corn as it looks to be at these 2 commodities have finally bottomed out in my opinion.

The U.S dollar has now hit a 3 month low and is finally starting to support some of these markets as I do believe prices look very cheap as we are still right near a 5 year low after bottoming out on December 12th around 4.10 so look to play this to the upside possibly in tomorrows trade.

Wheat prices are now trading above their 20 day moving average, but still below their 100 day which stands at 4.48 which is also at major resistance and if that level is broken I think the volatility and the upward momentum could accelerate tremendously.

Volatility in wheat has been extremely low over the last 5 months as I don't see that lasting much longer as historically speaking the winter months in this commodity can have tremendous moves to the upside especially if this cold weather continues.




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