Wheat Futures--- Wheat futures in the September contract hit a 2 week low down another 4 cents at 5.07 a bushel as I have not been involved in this market, but if you did have a bullish position my advice would be to move on and look at other markets that are beginning to trend as this market is mixed at the present time.
All of the bullish fundamental news has already been dictated into the price as we have now dropped about $0.68 from the contract high despite the fact that the Dakotas and Montana continue to experience hot temperatures and dry conditions, however growing conditions in the Midwestern part of the United States continue to improve and as I wrote about in Friday's blog weather markets can turn on a dime so don't be stubborn as you were probably still successful in this trade.
Wheat prices are now trading under their 20 day moving average but still above their 100 day telling you that the trend is mixed as the chart structure is terrible at the present time as the grain market looks to be starting to fizzle out as weather conditions certainly have improved over the last 7 days as we await this afternoon's crop progress report which should send high volatility in tomorrow's trade.TREND: MIXED---LOWER---CHART STRUCTURE: POOR
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