Hard Red Spring Wheat - MGEX
Removing the Guesswork from Grain Marketing
The MGEX May contract is back above 650 early in today’s session.
Growers and traders often ask for my sentiment of the market:
Do I think the price is going up or down?
Often, there is no answer.
Experienced traders know that the market usually consolidates sideways between previous support and resistance levels as the buyers and sellers fight to control the trend.
Human nature desires direction.
Opinions are valued.
Conviction is viewed as knowledge and expertise.
It doesn’t matter what one says, it matter how one says it.
I cringe when I hear someone speak with certainty.
Market analysis is based on probabilities, not absolutes.
Wisdom and experience lead to less conviction.
In my case, ‘The older I get, the less I know.’
The MGEX Nearby chart below is priced using the May contract.
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