MGEX Hard Red Spring Wheat Update

Feb 08, 2022

∙ Paid

Yesterday’s conversation with a new friend/subscriber discussed his MGEX Hard Red Spring Wheat Futures long position, inspiring this analysis.

MGEX Hard Red Spring Wheat has been uninteresting since our 991 sell signal was triggered on December 31 and reached our target #1.

From the January 3 newsletter:

I anticipate the price will decline to the area of previous supply at the 885 to 920 level the purple 200 DMA keeping my bearish Target #1 at 886.

January 14 saw Target #1 hit before making a low of 872’2 on January 18.

The chart below is yesterday’s close of the March contract.

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