How High Are Wheat Prices Going ?

Wheat Futures---Wheat futures in the December contract settled last Friday in Chicago at 4.90 a bushel while currently trading at 4.97 up about $0.07 for the week continuing it's bullish momentum as prices are right near a 2 month high.

Yesterday's crop report was construed as neutral as this market is now based on weather conditions and at the current time snow has entered key growing regions as that could be a positive for higher prices ahead. I have been recommending a bullish position from the 4.82 level & if you took that trade place the stop loss at 4.50 as an exit strategy, however I will raise the stop loss in next week's trade therefor the monetary risk will be reduced.

Prices are trading above their 20-day but still below their 100 day moving average standing at the 5.02 level as I still think prices could head up to the 5.50 area in the coming weeks ahead as the whole grain market has turned bullish.

At the current time I also have bullish recommendations in corn and soybean meal and I do think soybeans are also highed higher as a trade agreement with China might be revealed later this afternoon as that certainly would have a positive impact on all agricultural markets so stay long as I see no reason to be short.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: LOW

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