Here Is My Wheat Recommendation

Wheat Futures---Wheat futures in the March contract settled last Friday in Chicago at 5.21 a bushel while currently trading at 5.29 up about 8 cents for the trading week hitting a 5 week high.

I will be recommending a bullish futures position if we close above the 5.29 level while then placing the stop loss under the contract low which was hit on November 19th at 5.03 as the risk would be around $1,400 per contract plus slippage and commission.

Wheat prices are now trading above their 20 day but still slightly below their 100 day moving average standing at 5.42 which is also acting as resistance as it looks to me that wheat prices have finally bottomed out. There are concerns about Australia's crop as that is pushing prices higher at this time as this market has been stuck in a tight consolidation with very little volatility over the last several months.

Wheat is now entering the very volatile winter season which can push wheat prices substantially higher so play this to the upside in my opinion as I think the risk/reward are in your favor if we close above that critical level.

TREND: --HIGHER--MIXED

CHART STRUCTURE: SOLID

VOLATILITY--LOW

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