In an October 27 Barchart article, I suggested that CBOT wheat futures could be due for a rebound. The nearby contract was trading at the $5.75 per bushel level that day. I concluded the article by writing:
War in Ukraine, a tight wheat balance sheet, and the significant correction from the highs could mean CBOT wheat futures and the WEAT ETF are close to rock-bottom prices, and a correction could take prices significantly higher over the coming months. However, picking bottoms in any market is impossible, and wheat is no exception. Therefore, the optimal strategy could be small long risk positions, leaving plenty of room to add if the price declines. Wheat and the WEAT ETF offer compelling value in late October 2023. At below $6 per bushel, CBOT wheat is too cheap in the current environment.
