WHEAT rebounds 3.5% from oversold levels amid stronger import demand

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