The Teucrium Wheat Fund (WEAT) extended its major (long-term) uptrend to a high of $5.52 during October before closing at $5.14, down $0.10 for the month. Theoretical Positions: Investors went long near the August settlement of $4.97 with sell stops below the August low of $4.71.
The SRW Wheat Price Index (IWY00) extended its major uptrend to a high of $5.4434 during October before closing at $5.0545, down 3.2 cents for the month. Theoretical Positions: Traders might’ve established long December futures positions near the August close of $5.5150. Merchandisers may be adding to their long cash position based on the major uptrend of the National Index.
The HRW Wheat Price Index (IHY00) extended its major uptrend to a high of $5.6127 during October before closing at $5.1174, down 13.00 cents for the month. Theoretical Positions: New long positions could’ve been established near the August settlement of $5.0443 with sell stops below the August low of $4.6947.
The HRS Wheat Price Index (IPY00) extended its major uptrend to a high of $6.0541 during October before closing at $5.6448, down 7.82 cents for the month. Theoretical Positions: New longs could’ve been established near the August settlement of $5.3535 with a sell stop below the August low of $4.9351.
