{"id":103857,"date":"2017-03-24T07:44:03","date_gmt":"2017-03-24T11:44:03","guid":{"rendered":"http:\/\/countingpips.com\/?p=103857"},"modified":"2017-03-24T07:44:03","modified_gmt":"2017-03-24T11:44:03","slug":"wheat-technical-analysis-higher-egyptian-wheat-imports-should-support-wheat-prices","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/03\/wheat-technical-analysis-higher-egyptian-wheat-imports-should-support-wheat-prices\/","title":{"rendered":"WHEAT: Technical Analysis – Higher Egyptian wheat imports should support wheat prices"},"content":{"rendered":"
March 24, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

Higher Egyptian wheat imports should support wheat prices<\/strong><\/p>\n

Egyptian wheat consumption and imports are forecast to rise in next season. Will the wheat price <\/a> continue falling?<\/p>\n

Egypt\u2019s wheat imports will rise next season after a single body, the General Organization for Export and Import Control, is put in charge of inspection of wheat cargoes both at origin and arrival, US experts said. In the past season international sellers refrained from bidding for Egyptian state grain tenders for months due to uncertainty over acceptable levels of the ergot grain fungus. The Government of Egypt restructured its import procedures and importers now need to engage with one organization instead of having to deal with up to three governmental bodies. Wheat consumption is estimated to rise by 1.5% in 2017-18, to 20.00m tonnes, and Egyptian wheat imports are forecast at 11.5m tonnes, up 0.5m tonnes year-on-year. Expected increase in consumption and import in the world’s top buyer should support wheat prices.<\/p>\n

\"WHEAT\"<\/p>\n

On the daily timeframe WHEAT: D1 <\/b> is falling after rising to six month high in mid-February. The 50-day moving average MA(50) is verging on 200-day moving average MA(200), and crossing below it will form a bearish Death cross pattern.<\/p>\n