WEAT

WEAT remains in Stage 2 advancing with a bullish medium-term bias driven by the recent Momentum Breakout. However, price is extended above rising EMAs and the RSI is in extreme overbought territory, limiting near-term entry opportunity. Under the Stable strategy, patient entries on pullbacks into support around the rising EMAs or the prior breakout zone are advised.

• ↑Wheat futures rose 3.07% to $630/bu on July 10 after Russia’s export tax reinstatement and European heat.
• ↑Trading Economics forecasts wheat averaging $620.45 this quarter and $659.52 next year.
• ↓Weekly US export sales fell 45.9% Y/Y, signaling fragile demand recovery.