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| Wheat(Chicago) can get alot cheaper than most think.
First leg down in December wheat was $1.25, a move equal targets $3.50.
Also adding to the $3.50 target is the $4.00-$4.50 range we've been in since July 1st, in which we recently broke to the downside. Take the .50 cent range and subtract it from $4.00=$3.50
There is actually even lower target at $3.00 based off the monthly chart, but we won't test that till next July when we finally put in the low after this huge bear market.
So what I'm looking for in July 2017 wheat is , a fall to $4.00 into late October(would put the front month wheat around $3.50, a rally back to $4.50-$4.75 into February, followed by the final move lower to around $3.00-$3.25.
Remember, these are all board prices so with the basis its going to be a bloodbath.
Wheat always leads, so overall the rest of the grains look sick for at least another year, especially corn.
Soy has more of a bullish tone too it, but needs to hold this $9.60 area for it to rally separately from wheat and corn the next 6 to 9 months. | |
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$3.50 Chicago Dec. wheat target into October
