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.

previous week wheat price forecast

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.

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.