WHEAT fails to break above 600 area

WHEAT as well as other agricultural commodities launched today's trading higher, extending yesterday's upward move. While WHEAT took a hit following Monday's bearish USDA data, declines were recovered later on. The data showed 50% of the US winter wheat crop being in good-to-excellent condition, up 3% from the previous week. This is also the highest share of excellent crops for this time of the year since 2019. Harvest prospects are also improving in Australia and Argentina.

Taking a look at WHEAT chart at H1 interval, we can see that commodity has been trading higher throughout the day and jumped above the 580 resistance zone. Strong gains continued later on with price testing resistance zone ranging below 600 area and marked with recent local highs. However, bulls failed to push the price above it and a strong reversal occurred. WHEAT erased around half of earlier gains and is now trading 2.5% higher on the day and slightly above the aforementioned 580 price zone.

Source: xStation5

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