It’s been a while since wheat and more specifically, WEAT has been covered.
The potential hyper acceleration from the last report has not materialized … yet.
What we do have, is price action setting up for a potential trade.
Well established support is shown along with the location of the 38% retrace area.
Next crop report is due out on Monday, the 2nd, but here’s the catch. The report is to be released at 4:00 p.m. EST; just as the regular session is closing.
It should be noted at this point in time, what’s in the crop report is (and will be) essentially meaningless.
We’re focused on price action and that alone.
Fundamentally, we know that around 10% of the corn crop was destroyed by the Derecho. Earlier than normal record cold weather has moved into the crop producing areas.
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