Wheat 1 CWRS Basis

Today we look at the 1 CWRS average Basis in NW Saskatchewan.

My historic chart dates back to 2015 and has become quite extended since the May 2021 low.

When I applied my Fibonacci strategy, the first target at 77 was reached, with my next target of 104 above.

Will the 104 target get reached, or will the basis return to the 50-55 range first?

The chart below zooms in to get a closer look at recent price action.

We can see that the price is above the key moving averages, and the trend is intact.

I drew a yellow trend line that could signal a trend reversal and lower basis if broken.

The price would then be below the red 10 DMA and likely the 20 DMA, which need to happen for a downtrend.

I hope these charts assist you in your marketing.

Feel free to reach out with questions.