Wheat
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 372 futures/options contracts through July 19th. This expands their net short position to 6,816 contracts. Broken down that is 61,465 longs VS 68,281 shorts.
Fundamentals: As with the corn market, wheat futures are rallying this morning on concern that the deal to open up Ukrainian ports will not stand. This after Russia and Ukraine inked a deal on Friday. By Saturday morning, there were two missile strikes in Odessa.
Technicals: September wheat futures were down another 17 ¾ cents last week, taking prices to their lowest level since the first week of February. Wheat futures are higher this morning, a silver lining for the Bulls, but they have their work cut out for them following the last several months of intense pressure. The first hurdle is to achieve a close out above the psychologically significant $8.00 handle.
Bias: Neutral/Bullish
Previous Session Bias: Neutral/Bullish
Resistance: 839-849**, 898 ½-903****, 960-970***
Pivot: 800-815
Support: 765 ¾**, 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.
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 372 futures/options contracts through July 19th. This expands their net short position to 6,816 contracts. Broken down that is 61,465 longs VS 68,281 shorts.
Fundamentals: As with the corn market, wheat futures are rallying this morning on concern that the deal to open up Ukrainian ports will not stand. This after Russia and Ukraine inked a deal on Friday. By Saturday morning, there were two missile strikes in Odessa.
Technicals: September wheat futures were down another 17 ¾ cents last week, taking prices to their lowest level since the first week of February. Wheat futures are higher this morning, a silver lining for the Bulls, but they have their work cut out for them following the last several months of intense pressure. The first hurdle is to achieve a close out above the psychologically significant $8.00 handle.
Bias: Neutral/Bullish
Previous Session Bias: Neutral/Bullish
Resistance: 839-849**, 898 ½-903****, 960-970***
Pivot: 800-815
Support: 765 ¾**, 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.