📉Wheat hits 3-month low🌾

Wheat price fell traded around $6.1 per bushel which is the lowest level since December 28th, as favourable weather across major producing regions including the US and Russia and stronger dollar pushed the grain towards weekly losses of nearly 3%. Production prospects in the two major exporting nations were boosted by forecasts indicating moisture this month. Yesterday Russian agriculture consultancy IKAR lifted its forecast for the country's 2021 wheat crop to 79.8 million tonnes, from 78 million previously.

From a technical point of view, the price of wheat this week has fallen below its key support zone at 633.00 which is marked with the lower limit of the ascending channel as well as the neckline of the double top pattern. Nevertheless, the downward move was halted at the 38.2% Fibonacci retracement, which remains a key support in the short term.

WHEAT, D1 interval. Source: xStation5

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