WEAT ETV To Play The Future Price of WheatWEAT's price, an ETV which trades wheat futures, is positioned to keep increasing as the horrible war in Ukraine rages on.
I accumulated this back at the $6.5 - $7 price level as a response to the decrease in fertilizer (thank you China for hoarding and mismanaging) and increases in crop disruption due to climate change related disasters. As you can see, it was chugging along nicely within the channel I drew back in Sept. I was expecting the continuation of nice returns as I've been playing the top and bottom of the channel. I had no idea that the #1 and #5 producers of wheat would go to war before spring planting and now we can expect the price of wheat and wheat futures to sky rocket. There is supply side destruction for at least one year that is being priced in right now but the decrease in fertilizer and climate disruption effecting the rest of the producers has not. Where the market hasn't yet priced something in, there is profit to be made.
Wheat and thus WEAT's price has open skies once it breaks through the $12.65 level and the broader cup, of the cup and handle formation it has been forming for years, will be put in at $24.65, then down to put in the handle, reset and then put in a big impulsive wave up.
