- The Russian-Ukrainian war has caused shortages and increased prices of wheat in the world.
- The participants analyze the impact of the climate on the production of raw materials in Russia.
Wheat started the European session setting a daily high at $702.4, finding sellers and taking the market to a low in the American session at $673.8. Wheat is currently trading at 680.3, losing -0.56% daily.
Concerns persist as global wheat supply declines
The rise in wheat prices has been one of the consequences of the war between Ukraine and Russia, since both countries are large producers. The decline in wheat production estimates in Russia has driven price increases, as Russia is the top wheat exporter in the world currently.
The European Union and China are the main wheat producers, producing 137 and 134.5 million metric tons, respectively. However, the participants follow in detail the development of the war between Russia and Ukraine in the face of a constant increase in the price of raw materials.
Technical levels in wheat
The market has presented a clear upward trend since March, we observe a first support in the medium term at $600, given by the pivot points. The second support is $514, given by the March 11 low. The nearest resistance is located at $740, high of July 24, 2023.
Wheat Weekly Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
