Contracts up more than 3% 🚨
Grain contracts are rising by more than 3%, continuing and accelerating the uptrend seen in recent weeks.
Today’s gains in grains are largely “technical” in nature rather than driven by any specific news. Month-end tends to encourage position squaring, and in wheat this looks like classic short covering (i.e., buying back the underlying instrument when closing a short position, which supports prices).
It’s also worth noting that, in the background, concerns about weather conditions in growing regions are emerging, primarily across the U.S. Southern Plains. Signals regarding exports also appear mixed.
WHEAT (D1)
Source: xStation5
The EMA100 is very close to crossing above the EMA200 from below, which can be interpreted as a strong technical bullish signal.
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