Wheat futures have responded to favorable precipitation forecasts by dropping in price the most in five weeks today and yesterday. Rainfall is expected from Australia to here in the US with the outlook of easing drought conditions.
Wheat futures fell 2.3% in Chicago – the biggest drop since late February and maybe some optimism for the world’s largest exporter. Wheat futures are currently trading at $6.73 per bushel – up .04c from yesterday’s closing price.
The technical trend for wheat futures is up, however I believe we may be seeing a transition in trends soon by recent price activity. I may be looking to probe the short side of wheat futures soon…
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