- The Barchart National HRW Wheat Price Index posted a bullish reversal pattern on its long-term monthly chart at the end of March.
- Fundamentally, Kansas City (HRW) wheat remains bullish, as indicated by its inverted 2023-2024 futures spreads.
- Recently, noncommercial traders have been quietly buying the market, as indicated by weekly CFTC Commitments of Traders reports.
Why do I like the Kansas City (HRW) wheat market? Maybe it’s because I like being poor (sad trombone sound). For those of you new to the world of wheat, this was a play on the old saying, “Buy wheat, live in the poor house”. Maybe it’s because natural gas, the famed Widow Maker, is not volatile enough for me (drum rimshot). But seriously folks, I like the HRW wheat market both fundamentally and technically as both are bullish at this time, meaning the market might only lose half its value over the coming months. Okay, that was the last wheat joke, for now.
