Market Analysis: Hard Red Spring Wheat Prices Struggle Below $6 with Video
We discuss the disappointing state of Hard Red Spring wheat prices as of December 18, 2024.
Using the March 25 futures contract for the Minneapolis Hard Red Spring wheat, he notes that prices have struggled to stay above $6.00, remaining below this psychologically important level for three weeks and currently trading at $5.94.
Click here to watch our video analysis:
Weekly Nearby Chart
Current Price Levels:
Minneapolis Hard Red Spring wheat (March 2025 futures) is struggling to close above $6.
Trading at $5.94, below critical psychological and technical levels.
Technical Indicators:
Below the 10-week moving average (pink).
Below the 20-week moving average, which has acted as resistance.
Below the 50-week moving average, signaling bearish sentiment.
Bullish Turnaround Criteria:
Price needs to close above $6 to regain bullish momentum.
A further move above $6.10 would increase bullish confidence.
Outlook:
Without sustained closes above $6, further downside is likely.
Watch for resistance at previous levels near $6.60–$6.70.
Trent Klarenbach, BSA AgEc, publishes the Klarenbach Grain Report and the Klarenbach Special Crops Report.
Klarenbach Research
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