Wheat - Just My Opinion

July Chgo Wheat closed 2 cents lower ($4.70 ), Sept 2 cents lower ($4.78 ) & Dec 1 cents lower ($4.92 )

July KC Wheat closed 7 cents lower ($4.25 ), Sept 6 cents lower ($4.36 ) & Dec 5 cents lower ($4.58 )

July Mpls Wheat closed 9 cents lower ($5.34 ), Sept 9 cents lower ($5.42 ) & Dec 8 cents lower ($5.55)

Weekly Wheat Export Sales 48.4 K T. old crop vs. -100+200 K T. expected 344.9 K T. new crop vs. 100-500 K T. expected

Wheat charts are suggesting the current run higher is now over for the time being. The spike high on Tuesday followed by some weak looking downside follow through and then todays effort to reverse back higher and then failing says its over for now. I see some minor support against $4.60 for July Chgo, better down towards $4.50. July KC wheat shows some minor support against $4.15, better between $4.10 and $4.05.

Daily Support & Resistance for 05/24

July Chgo Wheat: $4.60 - $4.78

July KC Wheat: $4.15 - $4.32

The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.

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Contact me! Tom Fritz, Agricultural Market Analyst at 1.800.786.4475.

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