NEWS
Darin Newsom DTN Senior Analyst
Mon Dec 10, 2012 07:57 AM CST

Chicago Wheat Could Soon Turn Bullish

Watching the Chicago wheat market lately has been akin to the proverbial watching paint dry as the more active March contract continued to slowly grind lower. However, a look at its weekly chart shows the contract has found a base of support dating back to mid-March near the $8.50 level. This price marks the 33% retracement level of the previous uptrend from the low of $6.52 posted in mid-May through the high of $9.48 1/2 hit in early August. In regards to the low, notice that this occurred as the market established a bullish ...

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