U.S. Wheat Prices are Seen Up
The wheat market is moving not only by the news coming from Ukraine, but also by elevated volatility that is recorded during last week. Wheat prices are testing the resistance at $720.00-740.00 per standard contract of 5,000 Bushels. During the last two months the number of these attempts increased dramatically. That could indicate a possible breakthrough soon. If it will be successful prices may soar to $830. The trade could be opened at the retest of the $740 level with a stop loss at $700.
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