Minor losses in the early morning trade were observed across corn, soybeans, and wheat; raising the question about whether this is a temporary correction or the start of a deeper downturn.
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Wheat
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Technicals (December) Wheat futures were higher yet again in yesterday’s trade, but are giving back those gains in the overnight and early morning session. As mentioned in prior reports and yesterday afternoon’s video, it’s important to capitalize on moves like the one we’ve seen over the last two weeks. A healthy correction from here could look like a retest of the secondary breakout point from 534 1/2-536 1/2. If you have capitalized on the long side, this would be a pocket to consider reestablishing some exposure.
Below is a look at historical price averages for December wheat futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
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