MARKETS NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat Feb 1, 2014 06:27 AM CST

Sometimes one can look at a chart and it is easy to see what has happened. Take the long-term Chicago wheat monthly chart as an example. One glance and the most casual observer will see that the market is locked in a downtrend, a move that has seen the nearby contract fall below support near $5.99 1/4.

The usual driver of such a strong move is evident once again, as noncommercial traders maintain a large net-short futures position (bottom study, blue histogram). In the final CFTC report for the month of January (positions as of Tuesday, January 28), noncommercial traders ...

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