As Russian Supply Falls, Wheat Could Continue Moving Up
June 12, 2018 8:41 amVideo
Latest News
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
Wheat is one of the most important agricultural commodities in the world. It is consumed by billions of people every day. It is produced in many countries, with the main producer being Russia which produces more than 60 million metric tonnes per year. It is followed closely by the United States and France which produce more than 55 million and 39 million metric tonnes per year.
This year, wheat futures have been among the best performing agricultural commodities in the world. They have surged by almost 20%. The price could continue moving up as supply for the commodity declines. In Russia, the dry weather in the southern growing region has made it difficult for the crops to grow. Cold and soggy conditions in areas of Siberia and Urals have also contributed to this. The Russian Grain Union expects this years’ crop to shrink by more than 21%. In Russia, the wheat winter is usually harvested in July and August while the spring crop is usually planted in May.
The US Department of Agriculture (USDA) has released numbers expecting the crop to shrink for the first time in six years.
Wheat is currently trading at $514 a tonne. This is close to the highest level since July last year. The current price is slightly lower than the 100-day moving average and is slightly lower than the important support shown below. In the next few days, the price of wheat could continue to move up as traders increase their bullish bets. As such, the pair could move above the YTD high of $554.
The post As Russian Supply Falls, Wheat Could Continue Moving Up appeared first on Forex.Info.
Related Posts: