“The world has produced a lot of wheat and that has been reflected in prices during 2016,” said Nathan Cattle, managing director, Clear Grain Exchange.“Looking to next year, it is hard to see those supplies dwindle but consumption is expected to be at an all-time high so any supply shock could reverse the recent trend.” The US Department of Agriculture earlier this month raised its forecast for global wheat production during the 2016/17 season to a record 712 million tonnes.With sluggish demand, the USDA said more than 240 million tonnes of wheat will remain unused at the end of the year.
W! on a monthly timeframe rotates the Gann 1/1 labeled in green. The current liquidation has been ongoing since 2011. The auction will continue rotating the 1/1 until sellers are exhausted forming an unfair low. To make the perfect unfair low call, we will be watching the construction of monthly candlesticks to make that assumption. As of now, we merely watch without a confirmation.
W! on a monthly timeframe rotates the Gann 1/1 labeled in green. The current liquidation has been ongoing since 2011. The auction will continue rotating the 1/1 until sellers are exhausted forming an unfair low. To make the perfect unfair low call, we will be watching the construction of monthly candlesticks to make that assumption. As of now, we merely watch without a confirmation.