Monthly Analysis: Cash HRS Wheat

2022-03-01T06:52:54-06:00March 1st, 2022|Monthly|

The cmdty National HRS Wheat Price Index (HSPI, weighted national average cash price) abruptly changed direction during February, rallying to a new high of $10.4640 before falling off that mark at Monday’s closing calculation of $9.4794. Bearish traders could view February’s move as Wave B (second wave) of a 3-wave major (long-term) downtrend, particularly given the weakness seen at the end of the month. However, given the inverted Minneapolis (HRS) futures spreads indicating bullish fundamentals as far as we can see, I’d hold off on selling until the HSPI takes out its previous 4-month low. This is down at $8.2894 during March.

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