Due to a weaker Ruble, Wheat from Russia becomes more competetive which should be solved by a partial decline of US Wheat prices (and by a partial increase in Russia Wheat prices - higher demand for Russian Wheat).
Furthermore, USDA does not expect a declining "Ending Stocks" for Wheat this season although US Weather around Kansas is still very unfavorable for Winter Wheat conditions.
World Ending Stocks expected: Estimates (April) = 254 Million MT, March = 252 Million - but this is mostly due to a higher estimated "World Beginning Stock" (instead of 252 Million, the world started with 254 Million in this season).
Therefore, I expect US (Chicago) Wheat prices to fall to around 462 (next support area). A stop loss should be placed a little bit above 478 (now a resistance area).
Furthermore, USDA does not expect a declining "Ending Stocks" for Wheat this season although US Weather around Kansas is still very unfavorable for Winter Wheat conditions.
World Ending Stocks expected: Estimates (April) = 254 Million MT, March = 252 Million - but this is mostly due to a higher estimated "World Beginning Stock" (instead of 252 Million, the world started with 254 Million in this season).
Therefore, I expect US (Chicago) Wheat prices to fall to around 462 (next support area). A stop loss should be placed a little bit above 478 (now a resistance area).
Note
The idea worked out earlier than I planned.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.