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March hard red spring wheat hit a two-year high on January 6 but could not hold a move above the 33% retracement of the 2017 to 2019 move at $6.12 1/2. Noncommercial traders added to net-long positions while commercial traders added to shorts.
Analysts describe the Minneapolis market as the most bearish of the three U.S. wheat classes.
Chart signals and positioning show indecision in hard red spring wheat, with resistance near $6.12 1/2 limiting upside. Fundamentals remain bearish, so prices may stay range-bound.
dtnpf.comCliff JamiesonJan 6, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
