Wheat

[Student of Gann]

Update on Wheat .

Minor Time Cycle in with price intersecting the 45 degree angle . Price should trade lower from here in line with the Curve . If price moves above the 5th August the Cycle is invalid.

 

[sptrawler]

It has been a great season in W.A, so it should be a bumper harvest, which usually ends with lower prices.

Favourable Australian weather spells second bumper wheat harvest

concerns

www.reuters.com

 

[Student of Gann]

Yes it has been .
Forecast was locked in on the 31st July

Just making a note 5th August could be counter trend high for Wheat . Will monitor price action around this time .

10:02 PM · Jul 31, 2021·Twitter

 

[wabullfrog]

It has been a great season in W.A, so it should be a bumper harvest, which usually ends with lower prices.

Favourable Australian weather spells second bumper wheat harvest

concerns

www.reuters.com

Australia particularly WA, as it is the primary grain exporter of Australia is a price taker as far as Wheat & other grain exports go. The price is determined by international markets in particular US, Canada & Russia/ Black Sea region which has grown rapidly over the last 5 or so years.

Until it's in the bin it's all potential.

 

[Student of Gann]

Here is a copy of the Wheat Chart :
This Forecast was published on the 31st August indicating a significant Cycle due for either Friday 10th or Monday 13th September. As price moved down towards this Date it became clear that we were likely setting up into Low so I issued a supplement two days before calling two price targets with the strongest around 672 . Actual Low came in at 671 1/2 on the 13th September . If Wheat continues to move up we may see Top on the 27th September ( 723 ) is a point to watch but at as yet I havent completed price analysis but should be able to make some refinements as we move into this date.

 

[Ann]

Wheat may double in price to around $US 1400. I imagine this will have a flow-on effect on all foodstuffs. This is a monthly chart where I have drawn a measured move/swing trade calculation on what appears to be a developing cup and handle pattern.

 

[Ann]

The US isn't going to be the only one suffering rising prices in their food industry, Australian wheat futures have been flying over the last 12 months.

 

[Dona Ferentes]

In agricultural commodities, wheat hit a new annual high, breaking through $US8.00 cents a bushel in Chicago.

US wheat futures hit their highest levels in nearly nine years on Thursday and Friday, while European wheat futures climbed to a 13.5 year high, boosted by concern that global exports could be lower than expected.

Chicago Board of Trade December wheat closed up 4.5 cents on Friday at $US8.17 a bushel after reaching $8.26.75, the highest price in a continuous chart of the most-active wheat contract since December 2012.

March milling wheat on Paris-based Euronext settled up 1.75 euros, or 0.6%, at 294.00 euros ($US336) a tonne.

On Thursday it had reached 296.00 euros, the highest price on a second-month position on Euronext since September 2007.

“The EU is getting to a spot where it can’t export a lot of new wheat. So Paris has pushed to a new record high,” said Dan Basse, president of AgResource Co in Chicago, told Reuters.

Support also stemmed from the rumours that Russia, the world’s top wheat supplier, could curb exports.

Russia may change the way it calculates grain export taxes if prices rise further, Agriculture Minister Dmitry Patrushev said. Russia also plans to set export quotas for the first half of 2022.

Meanwhile, Australian wheat export prices reached a record high on November 9 amid expectations of a bumper output for a second consecutive year and promising exports for the 2021-22 marketing year (October-September).

S&P Global Platts said it had assessed the Australian Prime White wheat index at a record high $343.50/tonne on November 9, up $2.50 a tonne from November 8, while the Australian Standard White wheat index was unchanged on the day at $333.50 a tonne.

Last week’s heavy rain had traders holding off until the drier weather expected across eastern Australian wheat areas this week.

 

[Dona Ferentes]

Global wheat prices jump after India export ban​

The price of wheat on international markets has spiked after Indian banned the export of the cereal staple, the highest it has been in two months.
Wheat prices have soared by around 60% on world markets this year, pushing up the cost of everything from bread to noodles.
India is the world's second-largest producer of wheat but it has not previously been a major exporter as most of its crop is sold on domestic markets. Government officials also said the ban was not permanent and could be revised.

This comes as Ukraine's wheat exports plunged after the Russian invasion.

And with droughts and floods threatening crops in other major producers, commodity traders were expecting supplies from India to make up for part of the shortfall.

 

[Dona Ferentes]

Rollercoaster week for wheat. What happens next?​

Landline

It was a rollercoaster week for wheat. What happens next?

You might have got seasick watching global wheat prices this week. Here's what happened.

www.abc.net.au

 

[divs4ever]

Rollercoaster week for wheat. What happens next?​

Landline

View attachment 148863

It was a rollercoaster week for wheat. What happens next?

You might have got seasick watching global wheat prices this week. Here's what happened.

www.abc.net.au

am hoping for DOWN , so i can get a good entry for GNC

but expecting the new deal in Ukraine/Russia to collapse ( and make me look better in the comp. , but under-exposed in the portfolio )

what about soy , will there be a benefit to soy producers/traders , with folks starting to stress over the reliability of wheat supplies ??

i have gone for rice ( and SGLLV ) but will more folks look for alternatives to wheat/corn in general

 

[Dona Ferentes]

• China has bought around 2 mln T of Australia new-crop wheat
• Around 2.5 mln T of French wheat has been sold to China
• Large imports of Australian wheat to tighten Asian supplies
• Nearly 25 mln T or around 20% of China's crop damaged by rains

SINGAPORE/BEIJING, Oct 31 (Reuters) - China is set to import record volumes of wheat this year, trading sources say, with rain damage to its crop and worries over dry weather in exporting nations fuelling Beijing's appetite to buy while prices are low.

Traders said China's frantic buying is likely to support global prices, which have dropped more than a quarter this year - based on the Chicago futures benchmark price - amid abundant supplies from top exporter Russia