WHEAT Analysis: China began the import of American grain

By IFCMarkets

China began the import of American grain

Previously, US grain imports into China were minimal due to the quarantine caused by the coronavirus epidemic. Wheat supplies will begin for the first time since the end of 2017, when the trade war between the two countries began. Almost all EU countries have closed their borders because of the coronavirus epidemic. This could disrupt grain supply and reduce exports from the EU.In addition, restrictions on the sale of certain agricultural products abroad for food security are not ruled out. Wheat went up by 7% over the week, which was the maximum weekly growth since May last year. Another factor in the increasing demand for cereals, bread, flour and pasta may be their purchase by people that are stockpiling because of quarantine in a number of countries amid the coronavirus epidemic.

Summary of technical analysis

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