September 17, 2020
Higher global wheat supply expectations bearish for wheat price
The US Department of Agriculture World Agricultural Supply and Demand Estimates September report a week ago forecast larger global 2020/21 supplies and higher stocks. Total 2020/21 net wheat production is now forecast at record 770.5 million bushels, up 4.5 million tons, mainly due to expected higher production in Australia and Canada. Projected 2020/21 world ending stocks are increased 2.6 million tons to a new record 319.4 million. Expectations of ample global wheat supply are bearish for wheat price.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Sell | |
| Fibonacci | Buy |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 534.3 |
| Stop loss | Above 556.8 |
Market Analysis provided by IFCMarkets.com
- The Tech‑heavy NASDAQ Index jumped by more than 3.3%. The offshore yuan is trading at its highest level since 2023 Jul 31, 2026
- USD/JPY After Volatility: Multiple Events in One Day Jul 31, 2026
- The US indices sell off amid renewed US-Iran clashes. Oil jumps by 7% Jul 30, 2026
- USD/JPY Temporary in Equilibrium: Multiple Factors in Focus Jul 30, 2026
- GBP/USD at Month’s Lows: The Outlook Remains Weak Jul 29, 2026
- Crude oil falls below $80 per barrel. Australia sees inflation slowdown Jul 29, 2026
- The US Tech sector hit by sell‑off. Oil prices decline on renewed negotiations Jul 28, 2026
- Gold Declines, Focus on Fed and Falling Oil Prices Jul 28, 2026
- This week will be one of the most crowded for central‑bank meetings Jul 27, 2026
- EUR/USD Ahead of a Key Week: Holding Near Lows Jul 27, 2026
