Investors seeking momentum may have Teucrium Wheat ETF (WEAT Quick QuoteWEAT - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of WEAT are up approximately 27.2% from their 52-week low of $4.85/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

WEAT in Focus

The underlying WHEAT FUTURES looks to reflect the daily changes of a weighted average of the closing prices for 3 futures contracts for wheat that are traded on the CBOT: the second-to-expire contract, the third-to-expire contract and the contract expiring in the Dec. following the expiration month of the third-to-expire contract. The expense ratio is 3.14% (see all Agricultural ETFs here).

Why the move?

The U.S. wheat prices have been on a tear on global supply crunch. The likely shortfall in the exportable supplies in 2021 is driving the wheat prices. Notably, the Black Sea wheat market is entering 2021 at a six-year high and is also on a bullish trajectory.

More Gains Ahead?

The fund has a positive weighted alpha of 11.00. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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