After a two-month flat, a new wave of growth in wheat prices has started. The reason lies in the new forecast from May, 12, made by the U.S. Department of Agriculture about the first decline in world wheat production in 4 years.
On top of that, India supported the rise in prices by imposing a ban on wheat exports. India, being the second wheat producer after China, also predicts a decline in its own production by 5.7%.
The RSI has reached the overbought zone, but has not entered it yet. Current upside momentum could peak on March, 9 at 1280, after which a correction to 1200 is likely to happen.