justaname
Long

WHEAT MUST BREAK 535 FOR AN UPTREND

CBOT:ZW1!   WHEAT FUTURES - ECBT
49 0 1
Wheat             is neither good, nor bad.
Currently, it formed a bullish flag on daily, MACD/RSI convergent with price that is going up.
First, breaking into a new 15 day high, above 530 would mean breaking the small wedge and going up.
Breaking the 200 day EMA at 535$ would make wheat             go into an uptrend, all the way to 600.

News:
http://economictimes.indiatimes.com/news/economy/agriculture/wheat-procurement-up-at-26-47-million-tonnes-hailstorm-rains-hit-quality/articleshow/47417616.cms

Hedge funds are cutting wheat             shorts:
http://www.agrimoney.com/news/hedge-funds-still-gloomy-on-ags-despite-deep-cut-to-wheat-shorts--8374.html?

Neutral-long for wheat             .
If 535 isn't broken in 2 weeks, price will likely go down.
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