Who here bought wheat futures contracts today? Feb. 22 is a "voice from the tomb" date for wheat. There just six of them throughout the year, and they are supposed to be a guide for wheat prices based on seasonal tendencies. Some dates you buy, some you sell, just depends on the time of year.
Many of the dates coincide with USDA reports. There's a sell date around January 12 that goes with the often bearish January report, and a buy date on July 1 right after the June 30 report. There are also dates in May, September, and November. Feb. 22 is a buy date.
Historically the "voice" dates are accurate about 75% of the time, which is remarkable. Look up the dates and compare then to charts over the last couple years and you'll see. According to legend it was invented by an old grain trader at the CBOT. He left it to his children as an inheritance, thus the name.
I don't trade wheat, but I always like to watch the wheat market on and just after "voice" dates.
