CBOT wheat futures (WHEAT) are trading sharply lower today following the USDA WASDE report, which showed significantly higher-than-expected ending stocks at 901 million bushels, compared with the 869 million projected. Corn stocks came in line with expectations, while soybean stocks were slightly lower (290 million vs. 302 million estimated).
Source: xStation5
Wheat continues its long-term downward trend; bulls failed to break above the key resistance near 550, and the path of least resistance remains to the downside.
Source: xStation5
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