Wheat prices continue a rally on Monday, reaching the $561 – the highest price in 2019! The price has gained over 20% since September lows amid optimism regarding the Chinese purchases as a part of the Phase One trade deal. Another factor adding to price gains is a possible export tax in Argentina which could redirect some of the purchases to the US. Technically the price broke the $555 resistance zone that could now act as a support. The next level to watch is $595.
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