Wheat Price Forecast For This/Next Week
(August 31 – September 4, 2020)
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 539, which will be followed by reaching resistance level 573.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 539, which will be followed by moving down to support level 516.
chart: wheat market outlook, technical analysis
previous week wheat price forecast
Wheat Price Prediction
According to fundamental analysis difference between supply and demand shows that market has reached fair price at the level $540 and now further price fluctuation will be determining by technical analysis.
chart: wheat futures market ending stocks, inventory world with US
Wheat Price Forecast 2020, Long-term
(Quarter III: July – September, 2020)
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 466, which will be followed by reaching resistance level 541 and 573 – 591.
Downtrend scenario
The local downtrend may be expected to continue, while market is trading below resistance level 502, which will be followed by reaching support level 466 and if it keeps on moving down below that level, we may expect the market to reach support level 422.
chart: wheat technical analysis, market outlook
