Sell 2022 and 2023 Hard Red Winter Wheat
July KC Hard Red Winter Wheat settled Friday at $11.74½
Price Change Tuesday to Friday: up $1.83¾
19-month high: $12.08 March 4, 2022
19-month low $5.03¼ August 24th, 2020
19-month range is $7.04¾
Friday’s closing price is:
33½ cents below the 19-month high
$6.71¼ above the 19-month low
2020 crop carryout in terms of days’ use: US: 146, world: 135
2021 crop carryout in terms of days’ use: US: 122, world: 129
Seasonal Trend down; note how it accelerates 2nd week of March
Fundamentals bullish if it does not rain in USA & Black Sea War
continues for three months, neither of which is likely
Technical Situation is bearish; see double top chart below
Price Above Breakeven? Yes.
Conclusion: Sell 2022 HTA July at the market on the opening
and place order to sell 2023 HTA July wheat at $8.35
Last week’s low was $9.83¾; the high was $12.08
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