Wheat Prices Near Two-Month High After Black Sea Attacks

Wheat futures rose 5% on Wednesday, subsequently holding gains at the level. The primary driver of the increase was the threat to the critical export corridor posed by attacks in the Black Sea by Ukraine and Russia. Market participants restructured their positions amid concerns that regional geopolitical risks could constrain wheat supply. These developments heightened investors’ risk premium and raised expectations for short‑term volatility. This is not investment advice.

📊 WHEAT — Piyasa Yorumu

▼ down · 60%

Although the prices being near the two-month high after the Black Sea attacks is positive news, the Relative Strength Index (RSI) at 72.47 being in the overbought zone and the Moving Average Convergence Divergence (MACD) being slightly above the signal line may create downward pressure in the short term. The fact that the prices are above the 20 and 50-day moving averages indicates that the trend is continuing, while the overbought indicators and the negative MACD crossover suggest that the prices may experience a slight correction within 1-3 days. Therefore, it is expected that the prices will show a slight downward trend in the short term. However, the impact of the news may support the prices over time, so a complete decline is not expected. In summary, a slight decline is likely in the short term, but there is also a possibility of recovery.

RSI 14

72.5

MACD

8.87

24h Δ

4.85%

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