Analyst Brady Sidwell Reacts to Market Tailspin Dropping Wheat Prices Over a Dollar in Past MonthMon, 17 Sep 2018 12:42:04 CDT
Wheat has had a difficult time holding gains over the past month, forming a downward stair-stepping action that has lost nearly $1.15 in 30 days.
Market factors include a meeting between the Russian Ag Ministry and exporters which resulted in rumored export curbs being denied. That sent markets in a tailspin and KC contracts traded through the 50-, 100- and 200-day moving averages.
While the market looks oversold, we could have another 15-20 cents before some key support levels are reached. Though the Russians have been quick to deny potential export curbs, we believe truth lies somewhere within these statements and that some restriction is forthcoming. The question remains when and how much.
Talking about that and more, Brady Sidwell, Principal of Sidwell Strategies in Enid, and Don Atkinson with WheatSquared.com.
Source - WheatSquared
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