Was That The Bottom In Wheat ?

Wheat Futures---Wheat futures in the December contract reversed earlier losses off of the WASDE crop report while then finishing up 7 cents at 4.42 a bushel looking to breakout of its 4 week consolidation above 4.48 as a possible bottom may have been formed in this market.

Wheat prices are now trading right at their 20 day but still below their 100 day moving average as this has been in a bearish trend over the last 2 months as the supply/demand report came out unchanged as the winter wheat crop was 5% planted which is right on schedule as I do think a bottom may have been asserted in today's trade.

In my opinion I think we could be involved in a bullish position this week as the chart structure is outstanding due to the fact of low volatility and sideways action over the last month or so as the grain market looks to be bottoming out in my opinion as I don't have any recommendations on at the present time, but I do think the path of least resistance is going to be to the upside as we enter the extremely volatile autumn and winter months for wheat so play this higher in my opinion once the break out occurs.TREND: MIXED---LOWER---CHART STRUCTURE: --EXCELLENT

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