The price of wheat may rise in 2012

Exchange news, wheat. Wheat, which had previously been record high according to the rise of quotations, started rising slower at the beginning of 2012. Whereas in Europe the situation is just the opposite, demonstrating the rise of quotations. Thus, in London wheat quotations have risen by 2%, and by 1.2% in Paris. Wheat has dropped by 1% in Kansas City and remained unchanged in Chicago.

At the same time, soybeans and corn have risen by 1.3%. Since January 03 wheat quotations have dropped to 6.525 US dollars per bushel at Chicago stock exchange. Soybeans and corn have risen by 8.5 and 15.25 cents accordingly. At European stock exchange LIFFE, located in London, wheat has risen to 15.3 pound sterling per ton.

As of January 03, 2012, Kazakhstan has held no trades, but the concluded contracts have not been changed. Let us remind that on December 21 they have dropped by 500 tenge per ton. Therefore, тонone ton of wheat cost 118.4 US dollars. Wheat quotations have also risen by 2% at stock exchange MATIF 2012 in Paris.

Consequently, last week rise of wheat price has amounted to 5% in Chicago, 6.2% in Kansas City, 3% in Paris, and 2.6% in London. WTO has also demonstrated some change: corn has risen by 4.3%, and soybeans – by 3%. These are the quotations of the first week this year.

Wheat future has finished forming bearish wave а(С) or С 805.5-577.25, as explained by the specialists of Masterforex-V Trading System . At this point bullish correctional wave is being formed; it has stopped at the point of 38.2% - 663.27, as a probable wave в(С). Further flow of events will be indicated by bearish wave – moment of truth for MF: either the minimum of 577.25 is passed and strong wave с(С) formed, or bullish FZR of Daily level is formed as a part of lasting correction.

 

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