Wheat futures may be getting a boost today from a report I read regarding Europe’s wheat production challenges a possible boon for the American farmer in the foreseeable future. Wheat futures are up .01 cent today currently trading at $4.16 per bushel at the Chicago Board of Trade.
This past week it was observed by a commodity trading professional that Europe seems to have a double-whammy problem of “quality problems” over a broad area and talk from across the pond that the yield isn’t as quite good as expected. There is a very good possibility that some European business may be shifting to the United States.
Jim Bower, of Bower Trading – a commodity futures specialty firm, shared his fundamental view of the wheat futures market by stating, “I actually thought wheat acted halfway decent [this past week] because it seemed kind of to ignore bearish news.” Bower adds, “Now it may take a little while, but I think the worst is over in wheat.”
Wheat futures trend is “down” with no bottom formation completely in sight. Wheat futures current low around the $4.07 level is currently being tested..
ALL COMMENTARY IS CONSIDERED OPINION & VIEWS FROM THE AUTHOR AND NOT A SOLICITATION OF ANY SECURITIES. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.