Wheat - Fields of wheat under a cloudy blue sky

Chicago SRW Wheat

Trent Klarenbach Klarenbach Research Tue Apr 23, 11:40AM CDT
Wheat - Fields of wheat under a cloudy blue sky

Chicago SRW wheat is finding sellers at the purple 200- Day Moving Average.

We feel Chicago drives KC and MGEX, making this analysis worthy of consideration for HRS or CWRS growers and traders.

Moving averages such as the 50- and 200-period moving averages have a lot of eyes on them, resulting in them acting as magnets for the price, bringing in buyers or sellers, depending on the direction of the price action.

We anticipate several days or weeks of consolidation before the buyers can exhaust the sellers, pushing the price higher.

If they can.

This is a level where we turn Neutral and adopt a wait-and-see approach.

 

Trent Klarenbach, BSA AgEc, publishes the Klarenbach Grain Report and the Klarenbach Special Crops Report.

                                                                                                                                                                                                                                                                                                                                                                                                                                 

Klarenbach Research

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

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On the date of publication, Trent Klarenbach did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.