Wheat Weekly Forecast, September 21 – 25

This/Next Week Forecast
(September 21 – 25, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 573, which will be followed by reaching resistance level 591.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 567, which will be followed by moving down to support level 543 – 532.

Chart Wheat This/Next Week Forecast, Technical Analysis

previous week wheat price forecast
Chart Wheat This/Next Week Forecast, Technical Analysis

Fundamental Analysis

Difference between supply and demand shows overbought market and the fair price at the level $500 – $540. Same time harvest of the current spring wheat is better then last few years.
Wheat Market Fundamental Analysis Ending Stocks US With World

Long-term Forecast
(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 Forecast 2020, Long-term Outlook, Technical Analysis

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