Interesting Chart Of The Day - #2 Wheat
28/08/13 -- Following on from yesterday's soybean chart, I thought I'd take a peek at the 30 year seasonal chart for CBOT wheat and see how that compares with what we've seen so far this year. And here it is (click to enlarge).
A large slice of hope for the wheat bulls out there, a rally in wheat looks overdue. If we are to conform to the pattern of a "normal" year then we can expect wheat prices to recover back to where they began 2013 by the end of the year - and that was in the USD7.50-8.00/bushel region.
I can't really see it myself like, but they've done studies, you know, 60% of the time it works every time.
