The Barchart National HRW Wheat Price Index (HWPI, weighted national average cash price) consolidated during June after posting a bullish outside range during May. The index remains oversold with stochastics establishing a bullish crossover at the end of June. Theoretical Positions: The potential for a major uptrend would suggest holding cash HRW wheat as harvested this summer. Sell stops would be placed below the May low of $7.0373.
The Barchart National SRW Wheat Price Index (SWPI) looks to be moving toward a manor uptrend. Monthly stochastics established a bullish crossover below the oversold level of 20% at the end of June. Theoretical Positions: None at this time. Those wanting to go long will wait for a clear reversal pattern. The new 4-month high is the June mark of $7.1228.
The Barchart National HRS Wheat Price Index (HSPI) consolidated durning June. However, monthly stochastics established a bullish crossover below the oversold level of 20%, a signal the major trend could soon turn up. Theoretical Positions: None at this time. Support is at the 4-month low of $7.1558 (May 2023) with resistance at the 4-month high of $8.6502 (April 2023).
The Teucrium Wheat Fund (WEAT) looks to be moving toward a major uptrend. Monthly stochastics established a bullish crossover below the oversold level of 20% at the end of June. Theoretical Positions: None at this time. Those wanting to go long will wait for a clear reversal pattern.
