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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