July 9, 2020
By IFCMarkets
Lower what supply estimate bullish for #C-WHEAT
2020/21 soft wheat shipments from France outside the European Union would fall 43% from 2019/20 to 7.75 million tons, the lowest in four years, according to farm office FranceAgriMer forecast. At the same time the Rosario Grain Exchange lowered its 2020/21 harvest estimate in Argentine to a range of 18-19 million tons from 21-22 million previously. Lower supply estimates are bullish for wheat price. On the other hand a higher than expected estimate for the US harvest in the Department of Agriculture monthly report due on Friday is a downside risk for Wheat.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Buy | |
| MA(50) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy | |
| Donchian Channel | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 524.7 |
| Stop loss | Below 470 |
Market Analysis provided by IFCMarkets
