Wheat prices are soaring higher and here is why:

As of now wheat was in bull rally, updating new ATH's, since the start of Russia's war against Ukraine.

Russia and Ukraine control over 30% of world wheat exports and now Ukraine can't export it's wheat because of navy blockade, and Russia tightens it's wheat export policies planning to use it as a weapon against unfriendly countries later.

A couple months ago India announced that it will replace Ukraine and Russia with it's own exports, however Mother Nature didn't like those plans as India soon got hit by anomalous heatwave of 40-45 degrees across whole country. Those, On 14th of May India banned wheat exports as crop predictions got considerably lower.

European Wheat futures already updated All-time highs, trading above 430€ and I don't think we are ever close to reaching reversal.

From technical standpoint we see triangle and we need to see longer accumulation before breaking current all-time high.

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