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Wheat Prices Surge to Highest Levels Since July 2023

By Samir Al Khoury,

Wheat prices recorded 727.5 US dollars today, their highest levels since July 28, 2023. This marks a significant rise of about 15% since the beginning of this year, when prices were at 630.3 dollars. The challenge now lies in reaching $782.8, the highest level recorded on July 25, 2023.

Several positive factors are contributing to the surge in wheat prices, including:

  • Fears of supply shortages

  • Adverse weather conditions in Russia, impacting the wheat crop

  • Increased demand for wheat, particularly from Egypt—the world’s largest wheat importer—which has seen its wheat imports rise by about 22% in the first quarter

These developments raise important questions: Has global food security entered a stage of danger due to geopolitical tensions and climate change? Will this directly affect inflation, especially in countries that import food commodities?

From a technical perspective, the Relative Strength Index (RSI) is approximately 73 points, indicating that wheat is in the overbought zone. The positive movement index (DMI+) is around 32 points, compared to the negative movement index (DMI-), which is around 8 points. This large gap between the indicators suggests strong purchasing pressure on wheat. Furthermore, the green ADX trend strength index, around 46, indicates strong momentum in this upward trend.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

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