Wheat got burned today. The 639 Stop was not changed since we entered this trade and it was hit today. It was placed just under the previous swing low, which was 639 1/2. We sold at 638 1/4.
We still have our hedge on, which is a ZW July 660 Put, and it did its job as expected. It protected further losses in both Wheat and our parallel long Corn trade. I considered taking off our Stop since we have a hedge, but decided to let the Stop work because it was unlikely to be hit and we're on the July contract, which expires July 14th. Contracts have already rolled to the Sep. contract.
To continue following this trade, please follow the Corn trade beginning with "July Corn Rising - Update 12".
Summary, NOT INCLUDING THE HEDGE:
YW Exit 638 1/4 - Entry 693 1/2 = -55 1/4 * $10/pt = $-552.50 "Loss". We won't know the bottom line of this trade until we know how we exited the hedge and the corn contracts.
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