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Wheat

Head Fake HarryAnd there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14 billion bushels of Corn which could weigh on an already weak market. This is why we weigh our risk first. We feel this move serves us well. Only time will tell. That's trading. Stay tuned and trade well.
CBOT:ZC1!Long
by OffTheFloorTrader
2
The ugly picture for wheatAt the beginning of the 2008 while the sub prime crisis start to be feared by all the wheat touched peaked, since then until mid 2010 the price dis-inflated severely (lost around 65% at the time from the $1320’s to a very better $480’s the contract. But as the recovery geared traction from 2010 it reduced the lost of price more than half when made at end of 2012 the almost 960 high. Since then the price reduced again in this deflationary scenario that are so worrisome for all till the 551 low at beginning of this year. The pattern for this decline since the 960 highs is clearly an impulse as you can see, the question lies on the context: Is this a beginning of a new trend that eventually lead to a new lows or was just a C from a corrective pattern meaning that the wave had end and therefore will rise again, and if so, how high it will get. Unfortunately I think this is not a new low impulse, and I’m more convinced that its about a C wave in fact the end of a B wave of higher degree and if I’m right we are about to see a new rally that could take us beyond the 960, and even more, at least near the 2008 high.
CBOT:ZW1!Long
by 7pasos
2