Wheat prices rally on easing tariff fears, cold US weather and strong export 📈

Wheat futures (WHEAT) on Chicago Board of Trade (CBOT) rallies almost 3.5% today to $600 resistance zone, which is the highest number since September 2024. Easing tariffs risks, strong export sales and higher inflation numbers with unfavorable weather among few key US wheat, but also rising prices of corn support bullish reaction among wheat traders. 

Temperatures across key agricultural regions in the United States are forecast to plunge below average during the week beginning. It's significant risk to winter wheat and barley crops — especially in areas lacking adequate snow cover for insulation. Also, Money managers in the week ended February 4 slashed their net short in CBOT wheat futures and options by more than 20,000 contracts to 90,442. 

Source: xStation5