On Thursday, the wheat market experienced a decline with the December contract falling 2’6 to 570’4. A total of 106,433 contracts were traded, with December volume specifically reaching 61,593. Open interest for the session closed at a one-month high of 426,025, an increase of 7,004, or 1.67%. December open interest rose by 1,561 (0.79%), totaling 200,077.
From a technical standpoint, Chicago wheat futures managed to hold the low 560’s, which is favorable for traders seeking a trend reversal. The pivot pocket from 582 3/4-585 1/2 remains a significant resistance level. Bulls will be looking for consecutive closes above this range to break the month-long pattern of lower highs.
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Performance Disclaimer: Hypothetical performance results have several inherent limitations. It is not guaranteed that any account will achieve profits or losses similar to those displayed. In fact, there are often significant differences between hypothetical performance results and the actual results obtained by a trading program.
One limitation of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Additionally, hypothetical trading does not involve financial risk, and no hypothetical trading record can fully account for the impact of financial risk in actual trading. Factors such as the ability to withstand losses or adhere to a trading program despite losses can adversely affect actual trading results. There are also many other factors related to the markets or the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results, all of which can negatively impact actual trading outcomes.
