Analysis

US wheat futures collapse over 100USc/bu

By Ed Scamps, Cloudbreak Grain Marketing
July 1 2022 - 11:00am
Wheat market gets walloped
Wheat market gets walloped

Over the past week we have seen Dec'22 United States SRW wheat futures collapse over 100 US cents a bushel after breaking the neckline of a head and shoulders chart pattern. CloudBreak was wary of a further seasonal pull back once this critical support was broken. Technical selling quickly kicked in, and along with strong harvest pressure, prices have been driven significantly lower. Having retraced nearly all of the gains since early March, current Dec'22 SRW futures are sitting at the next level of long-term support of around 930-960USc/bu.

Get the latest SA news in your inbox

Sign up for our newsletter to stay up to date.

We care about the protection of your data. Read our Privacy Policy.