{"id":96318,"date":"2016-10-04T06:59:43","date_gmt":"2016-10-04T10:59:43","guid":{"rendered":"http:\/\/countingpips.com\/?p=96318"},"modified":"2016-10-04T06:59:43","modified_gmt":"2016-10-04T10:59:43","slug":"c-wheat-commodities-wheat-technical-analysis-october-04-2016","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/c-wheat-commodities-wheat-technical-analysis-october-04-2016\/","title":{"rendered":"#C-WHEAT: Commodities Wheat Technical Analysis October 04, 2016"},"content":{"rendered":"
October 4, 2016<\/div>
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By IFCMarkets<\/a><\/p>\n

USDA cut wheat crop forecast<\/strong><\/p>\n

USDA cut forecast of summer wheat crops for 2016\/17 as well as corn crops for September 1, 2016. As a result, corn prices edged up. Will wheat<\/a> follow its steps?<\/p>\n

In its quarterly grains report USDA cut significantly the summer crop forecast to 534mln bushels from 571mln bushels in previous report. Market participants expected the downgrade only to 570mln. Wheat stocks in US amount to 2.527bn bushels which is above the average forecast of 2.402bn. Corn stocks fell short of expectations (1.754bn bushels) being 1.738bn. The same story was with soybeans stocks which were below market expectations. Meanwhile, US production of wheat of all grades is estimated at 2.31bn bushels in season 2016\/17.This is a bit below the expected 2.323bn.<\/p>\n

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

On the daily chart Wheat: D1<\/b> is being near the support of the rising channel. Prices may rise in case of downgraded crops forecasts in US and other countries. As a rule, wheat, corn and soy show similar price changes.<\/p>\n