17 Sep

WHEAT Analysis: Higher global wheat supply expectations bearish for wheat price

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

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WHEAT Analysis: Higher global wheat supply expectations bearish for wheat price

Higher global wheat supply expectations bearish for wheat price

Summary of technical analysis