- The December contracts of Chicago (SRW), Kansas City (HRW), and Minneapolis (HRS) wheat futures markets all posted bullish technical reversal patterns on their respective weekly charts at Friday's close.
- The Barchart Cost of Carry tables show Kansas City's spreads are bullish, Minneapolis spreads are neutral, and Chicago spreads remain incredibly bearish.
- In the end we have Newsom's Market Rule #6 that tells us, “Fundamentals win in the end”.
Heading into the weekend, the best quote I can come up with to describe the wheat sector comes from the Winston Churchill’s comments on Russia, “It’s a riddle, wrapped in a mystery, inside an enigma”. There is an obvious connection between the topics of Russia and the wheat sector, though I’m not on the same bandwagon as those who still talk about how bullish the latter is fundamentally since Russia invaded its neighbor and sovereign country Ukraine. I’m not going to get into the politics, that’s a subject for a different forum, but it is likely in the back of the minds of traders as they make their way to local watering holes this Friday afternoon.
