Profit taken in London Wheat
I have been trading Wheat this year on weather-related moves and yesterday’s upward dynamic gave me a chance to take another profit, this time in London Wheat (weekly daily) today at a somewhat better price. Despite that upward dynamic, the influential US Wheat contract (weekly & daily) remains in retreat following its impressive gains from the oversold position at the end of January. Therefore I decided to close my long, probably temporarily, and sold my London Wheat June contract at 165 this afternoon, against my purchase at 156 on 5th February. The June contract expires with IG Index on the 17th April. These prices include all spread-bet dealing costs.
The Fed’s low interest rate reassurances yesterday only lifted Wall Street for a day, and a 10%+ correction still looks like a real possibility over the next few months. I was stopped out of my S&P short yesterday but to anyone who is still holding this position or a Nasdaq short, well done!Back to top