WHEAT rebounds 3.5% from oversold levels amid stronger import demand

15:35 19 July 2024

Wheat futures on Chicago Board of Trade are soaring today by almost 3.6% amid higher international demand and prolonged oversold conditions. Wheat futures tumbled from $700 since Mid-May to $530 per bushel, a week ago, hitting lows since 11 March. Algeria bought 600k metric tons of wheat and Egypt booked 770k metric tons of wheat (the biggest buy since 2022). Not only international business but also dropping European wheat conditions put today CBOT wheat market higher. Now, WHEAT tests a short term resistance zone near $560 per bushel. Yesterday, commodity funds were net buyers of CBOT wheat. The scale of today volatile, strong upward price action is similar to 10-11 July, but much faster. 

Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back

Join over 1.4 Million investors from around the world