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Wheat prices surge as the Russian attack on Ukraine raises supply concerns

Wheat prices (Symbol: Wheat-C) saw a sharp rise, marking the biggest single-day gain in six weeks. The surge was primarily driven by geopolitical tensions following a Russian missile strike on Ukraine’s Odesa port, a critical hub for grain exports. We see the 5-minute chart for Wheat-C shows a strong upward trend. The chart highlights a significant price increase earlier in the session, supported by the EMA (24, 24, 72), which indicates bullish momentum. The MACD histogram shows a strong bullish signal, with the MACD line above the signal line, reflecting increasing buying pressure. This suggests that traders are optimistic about further price increases, with the next key resistance level near the session’s high. However, the slight pullback near the close may indicate short-term profit-taking. Read more to find out why wheat prices surge here.

why wheat prices surge

Disclaimer:

Traders should stay alert to geopolitical developments and be prepared to act quickly as news breaks. In the case of soybeans and corn, traders should watch for weather-related updates and any new data from the USDA. While the market expects ample supplies, unexpected changes in weather patterns or new reports could shift market sentiment rapidly in the soft commodities market. Traders may consider taking advantage of short-term price movements by monitoring key agricultural reports and adjusting their positions accordingly.

Publication date:

2024-08-19 07:56:56 (GMT)

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