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Continuing the topic of spreads between related commodities, the Hard Red Winter Wheat – Soft Red Winter Wheat spread is another one trading at an extreme level now.
A brief explanation on the different types of wheat we are referring to here:
1) The Hard Red Winter Wheat (HRW) is the most widely grown class of wheat. A high protein product, used for breads,...
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➤ Here you can find a brief explanation of...
10yr KC Wheat outlook: Potential course of the KC Wheat market for the next 10 years. Overall the Wheat chart takes a more gradual incline up over the past 50 years but when the market gets spooked, prices can rally in a violant way. After this market tops, I feel the World’s supply and demand fundamentals of all Ag Commodities could support a more gradual...
KC Wheat – 3mo Continuous: Comparing our current Bull market with the previous major bull markets of the past 50 years. Currently the 24 mo ROC high was set in March at 225% with a price of 12.99. If KC Wheat is to match the 06-08 ROC of 275%, then that would project a price of $15.00
**Disclosure** Do not take this as trading advice. The potential is there...
Using the low to high retracements, KC Wheat is currently finding consolidation of support in the 10.20 area. Below 10.00, lower targets remain at 9.56 and 8.62. Volume based risk down at 8.07.
If we can confirm the recent low at 9.93 I will draw upside retracement targets. For now resistance above at 10.75 to 10.95.
Cont KC Wheat - Weekly: Some indecision the past few weeks with price action working above the Blue Tenkan and below the red Kijun lines. Upside targets remain at 8.75 to 8.92. A breakout above the 8.92 high has targets up to 9.84. Support is 7.43 with further retracements at 7.07 and 6.51.
Wheat has entered a bull run with a 50/200 ema golden cross as well as a 100/200 ema bullish cross for the first time since 2010! The prior run was from 2010 to 2016. Bearish from 2016 until late 2020 where we first see some bullish crossings. These stages tend to last anywhere between 4-6 years so we should see some continuation.
As far as the...
Cont KC Wheat - Weekly: Retracements on the Left are from the 08’ High and the 19’ Low. Keep an eye on them on this trend up.
The current leg has us between the 8.92 pivot and the 7.81 pivot. A move lower will look for support at the red Kijun line around 7.35.
A move above the 8.92 high would next target a leg higher to 9.61…
Cont KC Wheat - Monthly: New highs recorded this week within .04 of a 38% retracement target off the 2008 high and the 2019 low. Should KC Wheat decide to move higher yet, the 50% target is a $1.50 higher at 8.87. WOW, it sure seems like a mile to get there but as you can see on the monthly chart, when wheat decides to move it usually does in quick regards. ...
Cont KC Wheat - Weekly: The recent correction lower found support against the blue Tenkan line. Targets above can revisit previously filled objectives. A new high would push targets at 7.62, 7.85, 8.08 and 8.42….
Support at 6.70 and 6.55
KC Wheat – Weekly Cont: Currently led by the Sep contract. KC wheat slid hard after filling the Primary target at 7.41. Using the swing low at 5.78 to base updated targets from, 6.40 and 6.59 will be the initial hurdles to jump over in search of the 7.06 and 7.22 targets. Support is 5.78, 5.52, and 5.31
KC Wheat – Weekly Cont: The primary target was filled at 7.41. Now the Sept KC wheat is leading the continuous chart lower.
The 5.53 swing low will be a key risk area moving forward. Resistance is at 6.47 and then 6.65
This spread was a career-ender for many wheat brokers/traders - large and small(!!) - in the past 2 years!!
Throughout history, this reverted from -$0.40 right away but not this time and so even pros rode their entire account/capital into the ground, to $0 or worse! (Just a gentle reminder that futures trading does involve risk - in case anyone was still...
The Djinn Predictive Indicators are simple mathematical equations. Once an equation is given to Siri the algorithm provides the future price swing date. Djinn Indicators work on all charts, for any asset category and in all time frames. Occasionally a Djinn Predictive Indicator will miss its prediction date by one candlestick .
Dates in the future with the...