{"id":119759,"date":"2018-01-18T09:56:42","date_gmt":"2018-01-18T14:56:42","guid":{"rendered":"http:\/\/countingpips.com\/?p=119759"},"modified":"2018-06-01T15:46:42","modified_gmt":"2018-06-01T15:46:42","slug":"wheat-technical-analysis-smaller-drop-in-sowings-bearish-for-wheat-prices","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/01\/wheat-technical-analysis-smaller-drop-in-sowings-bearish-for-wheat-prices\/","title":{"rendered":"WHEAT: Technical Analysis – Smaller drop in sowings bearish for wheat prices"},"content":{"rendered":"
January 18, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

Smaller drop in sowings bearish for wheat prices<\/strong><\/p>\n

WASDE January 12 report\u2019s estimates for US wheat sowing drop was smaller than expected while inventory forecast bigger. Will the wheat price <\/a> continue falling?<\/p><\/blockquote>\n

The Department of Agriculture WASDE monthly report\u2019s estimate for US winter sowings 88,000 acres decline to 109-year low 32.61m acres was smaller than expected. At the same time wheat stocks at 1.87bn bushels as of December 1 were bigger than expected. Smaller decline in sowings and higher wheat stocks are bearish for wheat prices.<\/p>\n

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

On the daily timeframe WHEAT: D1 <\/b> is trading with negative bias after retracing higher following the decline from twenty four-month high in mid-June. The price has fallen below the 50-day moving average MA(50).<\/p>\n