Wheat deal in the Black Sea- Strike Causes Price Rise LONG
WEAT is a popular ETF tracking wheat as a commodity. Because of geopolitical issues
the rising price is an escalator for basic food prices from Africa to USA and globally.
Sugar is a commodity that always seems to rise. Here on this daily chart, I have plotted
the ratio of wheat to sugar spot prices which typically is a falling ratio. However, the
downtrend pivoted to coincide with the wheat deal for Ukraine falling apart and pressuring
commodity prices. On the RSI indicator both low TF and highTF are rising and are not
overall to strong. I can easily conclude that wheat is a safe long bet a slow mover that
might be low risk in what right now is a chaotic and volatile market that could be topping out.
There is no expected flip of the wheat price trend until the geopolitical winds change
direction. I will open a long position in WEAT and check CORN for a similar analysis.
the rising price is an escalator for basic food prices from Africa to USA and globally.
Sugar is a commodity that always seems to rise. Here on this daily chart, I have plotted
the ratio of wheat to sugar spot prices which typically is a falling ratio. However, the
downtrend pivoted to coincide with the wheat deal for Ukraine falling apart and pressuring
commodity prices. On the RSI indicator both low TF and highTF are rising and are not
overall to strong. I can easily conclude that wheat is a safe long bet a slow mover that
might be low risk in what right now is a chaotic and volatile market that could be topping out.
There is no expected flip of the wheat price trend until the geopolitical winds change
direction. I will open a long position in WEAT and check CORN for a similar analysis.
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