Technically Speaking
Darin Newsom DTN Senior Analyst

Monday 12/10/12

Chicago Wheat Could Soon Turn Bullish
The Chicago wheat market has been a slow grind lower, but signs are emerging that market could be set for a change in direction.[Read Full Blog Post]
Posted at 7:55AM CST 12/10/12 by Darin Newsom | Post a Comment
Comments (4)
any update after the melt down yesterday?
Posted by JeremeyFrost at 9:06AM CST 12/12/12
What is you outlook for new crop SRW this spring and summer?
Posted by KEVIN KING at 12:06PM CST 12/12/12
the overnight temps were around 5 degrees and no snow cover on the wheat and no measurable precipitation for the past 45 days.........and the wheat market went down ? the drained brain disease has moved west.
Posted by john smith at 3:14PM CST 12/13/12
Good questions all. Jeremey - The market remains in its downtrend, as indicated by the weekly stochastics discussed in the blog. However, both the slower moving red line and faster moving blue line are well below the oversold 20% level (the former closed at 17%, the latter 13%) and could soon establish a bullish crossover (fast moving over slow). At that point the secondary (intermediate-term) trend should turn up. Volatility remains low, but has not sparked noncommerical buying as of yet (Fri CFTC report showed noncommercial net futures down to only 7,038 contracts with longs decreasing and short increasing). Kevin - To close out the year I'm recapping my 2013 Market Outlook Presentation I gave in Chicago at the DTN/The Progressive Farmer Ag Summit in my weekly On the Market columns. This past Friday was soybeans, with the next two weeks going over corn and wheat (based in large part on SRW factors). John - I agree that the crop is showing signs of serious trouble (On the Market column from a week ago), but I still think traders might wait until next spring before buying into possible problems. Thanks again for all your questions.
Posted by DARIN NEWSOM at 11:27AM CST 12/16/12
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