Gary Hofer: MARKET BULLETS
A Positive Week for Wheat
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Chicago wheat just put in a positive price week, the first since August 5-6-7-8. December futures jumped from $4.65 to $5.01, 36 cents in six trading sessions.
A two month old trend-line was broken last Friday when the “Dec” closed decisively over $4.85. So now what?
In order to confirm a new upward price bias, we have to build a case for higher prices based on more than just a pattern on the chart. And that, oh best beloved, is a tale yet to be told.
Some of the enthusiasm for wheat came in sympathy with corn, which received a boost from last Friday’s USDA Supply/Demand Report sho...
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