Wheat Futures: Bearish Market is over
Wheat prices may have come to the end of the bear market of almost six years, with a shift in supply demand in favor of supply.
While the increases in precipitation in Ukraine – the fourth largest producer in the world,- gave support to the supply side, the appearance of the driest winter in the last 6 years in Europe caused a drop in harvest expectations.
The dry weather is expected to cause a decline in supply particularly in Russia, Scandinavia and the Baltic states.
On the weekly charts, longterm bearish trend line is broken. Wheat Futures prices moved above EMA 200 as well.
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