Canada Markets
Cliff Jamieson Canadian Grains Analyst
Fri Jul 18, 2014 05:41 PM CDT

We've lately talked about the oversold nature of the wheat markets, as seen in the lower study of the attached chart. Both daily and weekly charts across all three classes of wheat remain deeply oversold, with momentum indicators below 20%. This creates a situation where market direction can change quickly, often lead by the nervous short-covering by investors.

While investors were reported to be holding a net-long position of 8,057 contracts of spring wheat as of July 15, as reported by the CFTC, investors held a net-short position of Chicago SRW of 42,704 contracts which was the largest net-short position ...

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