Commodity momentum: Wheat at a five-month low
The price of CBOT Wheat crashed through support at USD 8.5 per bushel yesterday and thereby left behind the trading channel within which it has been trading since late July. Increase global inventories helped relieve some of the upside price pressure which has been created by reduced exports from the Black Sea region and recent reports about the poor state of US Mid West winter crop.
Elsewhere the momentum indicator is unchanged from yesterday with only platinum, copper and soybeans holding on to positive momentum. Coffees negative momentum has slowed after finding support below 146.5 but the 46 days spent in this trend is currently the longest followed by platinums 20 days spent having positive momentum.