Wheat Strategy

(Clickmage)
 

ü2008 crop:

The trend in wheat has once again shifted lower.  Prices in the December contract penetrated the 50 percent retracement.  However, we are still anticipating a bounce during the fall months.  Hold off on making any additional sales, but use rallies for making catch-up sales.  
 

ü2009 crop:

Check advice closely over the next few weeks.  The calendar is moving into the time, and prices to a level, in which we plan to initiate sales.
 

vFundamentals: Improved growing conditions are expected in both Australia and Argentina as they anticipate picking up some needed moisture.  However, Australian Crop Forecasters are looking to lower its 2008/09 wheat forecast as they feel the lack of moisture has already caused damage to the crop.