WHEAT drops in the face of weather updates

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Wheat (WHEAT) futures are trading with a massive drop. This is likely to be fuelled by an update of milder weather in the US and a strong US dollar, which is gaining against risk aversion today. Forecasts point to cooler and wetter weather in the US Midwest in the new month. Such conditions may favour higher crops. Additionally, despite concerns, no major attacks on Ukrainian grain infrastructure were reported over the weekend. According to analysts at Top Hird Ag, forecasts call for a near total absence of heat and forecasts of precipitation in the states of Iowa and Minessota.

Wheat futures are losing nearly 2%. Looking at the chart, on the H4 interval, we see that prices have completely wiped out the bullish impulse caused by Russia's withdrawal from the grain agreement. A bearish double peak formation is visible and the price has slipped below the trendline indicating short-term panic and a massive pullback from long positions.

Source: xStation5

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