CBOT Wheat Futures

[Oliver88]

Chicago wheat retraced and now getting a bounce off of the previous resistance.

I anticipate that this will go much higher.

What was once resistance often acts as support.


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What’s your definition of “much higher” ?

[wheatking16]

What’s your definition of “much higher” ?

I have levels of interest at

867 13% above original price target

945 23%

981 28%

[Oliver88]

I have levels of interest at

867 13% above original price target

945 23%

981 28%

Assuming Minneapolis goes up with CBOT, a 23% increase in the futures could put HRS above $15.

It should be though considering prices of other crops.

[wheatking16]

Assuming Minneapolis goes up with CBOT, a 23% increase in the futures could put HRS above $15.

It should be though considering prices of other crops.

The Weekly chart of the MGEX and CBOT spread has recently broken the blue trendline from May 2021 and is now below a declining red 10-week moving average (Similar to the 50-DMA on the Daily chart).

While the spread is still in an intermediate and long-term uptrend, the short-term trend has changed.

Will this continue into the longer term?

[farming101]

Looking at March 22 spread I'm wondering if it will go over 200 again.

Might start tracking Chicago 1:1? so, as was mentioned if Chicago goes up and takes MW with it it's all good.

[wheatking16]

Looking at March 22 spread I'm wondering if it will go over 200 again.

Might start tracking Chicago 1:1? so, as was mentioned if Chicago goes up and takes MW with it it's all good.

I anticipate the 10-Week MA and the blue trendline to be retested.

[furrowtickler]

What’s the thoughts on today’s upward tick again ?
Is it sustainable and what’s driving the upward movement? Is wheat just catching up to other markets ?
How much of an influence is the very wet Australian situation in the eastern 1/2 of the country ?

[WiltonRanch]

Yeah parts of Auz it won’t quit raining now. Lots of feed wheat now. West side sounds okay from what I gather. Even canola has been know to sprout in the pod there I’ve seen from mutual acquaintances.

[TOM4CWB]

Yeah parts of Auz it won’t quit raining now. Lots of feed wheat now. West side sounds okay from what I gather. Even canola has been know to sprout in the pod there I’ve seen from mutual acquaintances.

Russian troops Massing on Ukrainian border, (January invasion projected) dry EU wheat fields, Argentina with GM wheat… dry US winter wheat areas with much reduced growth, livestock grazing restrictions because too dry…

General sentiment that grains will rally from here…

Cheers

[AlbertaFarmer5]

What’s the thoughts on today’s upward tick again ?
Is it sustainable and what’s driving the upward movement? Is wheat just catching up to other markets ?
How much of an influence is the very wet Australian situation in the eastern 1/2 of the country ?

I have no evidence whatsoever to support my theory, but I'm suspecting this is almost entirely and inflation play. The supply and demand numbers really don't justify wheat going to these levels.
But unlike many other commodities, I think everyone recognizes that wheat is food and vital. So how many individuals, traders, companies, countries and investors are investing in wheat as both a hedge against inflation and a physical hedge against breakdown of supply chains.