I hope you all had a good weekend. Today will likely be a slow day with U.S. markets being closed. However, I’m still in the office but will likely be playing catch up on my non-trading responsibilities.
For my TraderPlanet piece this week I focus on wheat. The commodity sector as a whole has been bleeding in 2013 and while wheat hasn’t been immune, there appears to be some bright spots coming through for the whole grain commodity.
Here’s a piece:
Wheat however is creating an interesting technical setup, with signs of support, positive divergences, and a group of traders breaking from their trend and getting net-long. Like the sector as a whole, wheat topped out last summer and has not participated in the multi-month ‘risk on’ rally we’ve seen in equities and junk debt.
Click over to the link below to see why bulls might be returning to wheat and what I’ll be watching in the coming weeks to see if price begins to reflect the other components.