{"id":98608,"date":"2016-11-23T07:17:29","date_gmt":"2016-11-23T12:17:29","guid":{"rendered":"http:\/\/countingpips.com\/?p=98608"},"modified":"2016-11-23T07:17:29","modified_gmt":"2016-11-23T12:17:29","slug":"wheat-decline-in-cultivated-wheat-and-bad-weather-pushed-wheat-prices-up","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/11\/wheat-decline-in-cultivated-wheat-and-bad-weather-pushed-wheat-prices-up\/","title":{"rendered":"WHEAT: Decline in cultivated wheat and bad weather pushed wheat prices up"},"content":{"rendered":"<div id=\"inves-810159815\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 23, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p>\n<p><strong>Decline in cultivated wheat and bad weather pushed wheat prices up<\/strong><\/p>\n<p>USDA revised down the weekly rating of winter wheat sowings of \u00abgood and excellent\u00bb quality to 58% from 59% in previous week. This happened on draught in the Great Plains region. Will <a href=\"http:\/\/www.ifcmarkets.com\/en\/trading-conditions\/commodities\/wheat\">global wheat prices<\/a> continue advancing?<\/p>\n<p>On Tuesday they rose for 4th trading day in a row. Such a trend started last week after the Informa Economics agency lowered the forecast of winter wheat cultivation in US in 2017 to 33.76mln acres from 35.42mln acres in previous year. Now the planting is over on 97% of territories and official data are to come out soon. They may affect the prices. Food Corporation of India (FCI) expects wheat crops in India in 2015\/16 to total 88mln tonnes. Previously the officials released their crops forecast of 93.5mln tonnes. FCI also expects wheat stockpiles in central storage facility to fall to 18.8mln tonnes from 29.9mln tonnes in previous year. Crops fell on worsened weather conditions. The neighbouring Bangladesh announced the acquisition of 200 thousand tonnes of Russian wheat for $245 a tonne to replenish national stockpiles. Russia cut wheat export since July 1 to November 16 this year to 11.7mln tonnes. This is 4.6% below the last year level for the same period.<\/p>\n<p style=\"text-align: center; margin-bottom: 20px; margin-top: 20px;\"><img decoding=\"async\" style=\"float: none;\" src=\"http:\/\/www.ifcmarkets.com\/uploads\/images\/22-11-2016.png\" alt=\"Wheat\" width=\"660px\" \/><\/p>\n<p class=\"emailSummary\">On the daily chart <b>Wheat: D1<\/b> returned to the rising channel and overcame the Gann resistance line. Further price increase is possible in case of worse weather conditions and official reduction of wheat cultivation areas in US.<\/p>\n<ul class=\"emailSummary\">\n<li><b>Parabolic<\/b> gives bullish signal.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/bolinger-bands\">Bollinger bands<\/a> have widened which means extremely low volatility.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/rsi\">RSI<\/a> is above 50, no divergence.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/macd\">MACD<\/a> gives bullish signal. Its low amplitude may mean low volatility.<\/li>\n<\/ul>\n<p>The bullish momentum may develop in case <b>wheat<\/b> surpasses the upper Bollinger band and the Parabolic signal at 430. This level may serve the point of entry. The initial stop-loss may be placed below the last fractal low, the lower Bollinger band and the Parabolic signal at 407. Having opened the pending order we shall move the stop to the next fractal low following the Parabolic and Bollinger signals. Thus, we are changing the probable profit\/loss ratio to the breakeven point. The most risk-averse traders may switch to the 4-hour chart after the trade and place there a stop-loss moving it in the direction of the trade. If the price meets the stop-loss level at 407 without reaching the order at 430, we recommend cancelling the position: the market sustains internal changes which were not taken into account.<\/p><div id=\"inves-1870476111\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<h2 class=\"emailSummary\" style=\"margin-top: 15px !important;\">Summary of technical analysis<\/h2>\n<table style=\"border: solid 1px black;\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Position<\/b><\/td>\n<td align=\"left\" valign=\"top\">Buy<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Buy stop<\/b><\/td>\n<td align=\"left\" valign=\"top\">above 430<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Stop loss<\/b><\/td>\n<td align=\"left\" valign=\"top\">below 407<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Market Analysis provided by <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By IFCMarkets Decline in cultivated wheat and bad weather pushed wheat prices up USDA revised down the weekly rating of winter wheat sowings of \u00abgood and excellent\u00bb quality to 58% from 59% in previous week. This happened on draught in the Great Plains region. Will global wheat prices continue advancing? On Tuesday they rose for [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-98608","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=98608"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98608\/revisions"}],"predecessor-version":[{"id":98625,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98608\/revisions\/98625"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=98608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=98608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=98608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}