WHEAT PRICES

Global wheat prices have seen an 80% uplift in the period between June 2020 and November 2021. In this update Technical Analyst Steve O'Hare takes us through what's happening to wheat markets in the US and the knock on effect for Europe and Russia.

We start by analysing the Chicago Wheat futures and track the global rise in prices across the Atlantic to Europe and Russia. The ongoing issues with global supply chain continue to force up the price of wheat.

Steve O'Hare then looks at the monthly chart and notes that prices are at the $854 mark; he notes that previous highs topped out at $947 in 2012 and $1350 in 2008. We're not quite seeing these figures but the price spikes had a significant impact on the global economy during these periods.

Looking at the daily charts, the resistance is holding at around $770 and it is fully expected that the supportive price action will continue while global supply chain issues prevail.

Steve O'Hare is Chief Operating Officer of the Financial Conduct Authority (FCA) approved company, Signal Centre. He is a chartered member of the Society of Technical Analysts (STA).

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