Wheat
Fundamentals: This morning’s weekly export sales report showed net sales of 511,100 metric tons (MT) for 2022/2023 were down 50 percent from the previous week and 10 percent from the prior 4-week average.
Technicals: Wheat futures are holding their own this morning, relative to the pressure we are seeing in corn and beans. We mentioned in recent Tech Talks that this could be the case. Corn and wheat have retraced a large portion of their higher move from the beginning of the year, which may help prices enter into more of a consolidation phase, near term.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 839-849**, 898 ½-903****, 960-970***
Pivot: 800-815
Support: 739-749***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.