Geopolitical pressures continue to create uncertainty in the markets, making it difficult to forecast long-term trends. There are hints of a potential wheat rally, though the rally doesn’t appear to be driven by demand but rather by supply-side concerns, including weather issues and geopolitical instability. The technicals are also playing a role, with certain resistance levels being tested, but the sustainability of any rally remains unclear. Weather will be a key factor moving forward, as unfavorable conditions could support higher prices. However, harvest pressure could offset some gains as more grain comes to market, especially if yields are strong.
Thursday Channel Final Bell with Mike Zuzolo with Global Commodity Analytics | 9/5/24
