{"id":104373,"date":"2017-04-04T09:31:29","date_gmt":"2017-04-04T13:31:29","guid":{"rendered":"http:\/\/countingpips.com\/?p=104373"},"modified":"2017-04-04T09:31:29","modified_gmt":"2017-04-04T13:31:29","slug":"wheat-technical-analysis-wheat-plantings-are-expected-to-decline-in-the-us","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/04\/wheat-technical-analysis-wheat-plantings-are-expected-to-decline-in-the-us\/","title":{"rendered":"WHEAT: Technical Analysis – Wheat plantings are expected to decline in the US"},"content":{"rendered":"
April 4, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

Wheat plantings are expected to decline in the US<\/strong><\/p>\n

The US Department of Agriculture (USDA) forecasts a decline in the US wheat crops to a historic low of 146.06 mln acres. Will\u00a0wheat prices<\/a> rise?<\/p>\n

At the same time, the USDA expects a growth in the US wheat reserves to 1.655 bln bushels which is the highest level since 1988. Hot weather in India may become an additional factor for the growth of wheat prices. It may damage the crop in the current 2016\/17 agricultural season. Previously, it was assumed that it would reach the historic high in India and would be 96.64 mln tonnes. Indian state wheat inventories dropped to 9.43 mln tonnes as of March 1, 2017, which is the lowest in 9 years. Some market participants do not exclude that in 2017\/18 season the country would have to buy 2-3 mln tonnes of wheat in the world market.<\/p>\n

\"Wheat\"<\/p>\n

On the daily timeframe, Wheat: D1<\/b> breached above the resistance line of the downtrend. The further price increase is possible in case of crop reduction in the US and India.<\/p>\n