June 1, 2020
By IFCMarkets
Wheat production may decline in EU
The European Commission also reduced the forecast for wheat exports to 26.5 million tons from 28 million tons. In the World Agricultural Supply and Demand Estimates report for May, the US Department of Agriculture (USDA) wrote that wheat production in the European Union would reach 143 million tons in the 2020/21 season and 28 million tons in exports. As we can see, the expectations of the European Commission are much more frugal now. Note that the forecast for world wheat production this season by the International Grain Council is 766 million tons, which is 2 million tons less than the similar forecast of the USDA. All this can support wheat quotes.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Buy | |
| MA(200) | Neutral | |
| Fractals | Neutral | |
| Parabolic SAR | Buy | |
| Bollinger Bands | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 524 |
| Stop loss | Below 494 |
Market Analysis provided by IFCMarkets
