Futures contracts for wheat in Chicago are rising nearly 3% today, rebounding from local lows around $520. A weaker U.S. dollar, escalating conflict in the Middle East, and “bargain prices” on the domestic market are bringing buyers back to the CBOT.
Yesterday, the RSI indicator for wheat fell to just under 30 points, signaling oversold conditions. Today, on the hourly chart, it surged to 67, while the price is testing the $542 per bushel area. The weaker dollar supports demand for U.S. wheat on global agricultural markets. The technical MACD crossover suggests that the buying momentum on wheat may persist longer.
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Source: xStation5
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