Wheat Futures---Wheat futures in the September contract settled last Friday in Chicago at 4.70 a bushel while currently trading at 4.71 as I'm now recommending to add another short position at today's price level while placing the stop-loss above the 10-day high which on Monday will stand at 4.80 as the chart structure is outstanding at the current time.
The 1st recommendation was a short position from around the 5.04 level as adding to winners and getting out of losers is the way to trade as the risk/reward is in your favor as the 2nd contract risk is around $500 per contract plus slippage & commission.
At the present time I also have bearish recommendations in soybeans and rice as I think the whole market continues to bleed lower, however prices have now traded higher for the 3rd consecutive session as I believe that is just blamed on profit-taking.
The trade war with China certainly is escalating as that is bad news for the grain market coupled with the fact of ideal weather conditions in the Great Plains part of the United States so add to your position as I still think prices will test the 4.27 level which was the contract low in the coming weeks ahead.
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