| | | I should have included this chart of Wheat. Following/observing WEAT. The bulls thot WEAT was on its way, but alas not yet. The cycles dictated otherwise.
There appears to be a strong 16 yr awa the 8 yr half cycle at play. The 8 yr low possibility hits about fall time, 2024.
Tweets
This is a very good website.
tradingeconomics.com
Wheat futures fell to below $5.9 per bushel in January, the lowest in one and a half months, amid further evidence of ample global supply. Market players noted that winter crops in the US held up firmly despite freezing temperatures in growing regions of the US, easing damage worries. The developments magnified the upward revisions to global supply from the USDA’s latest WASDE report. A revised count pointed to more large stocks of grain in Ukrainian silos, raising the expectations of exports from the European bread basket. Additionally, production from Russia was revised higher to 91 million tonnes, only 1 million away from the record-high posted last year, to lift available wheat for export to an all-time high of 51 million tonnes, by far the largest in the world. Additionally, strong harvests in Canada and Australia also lifted export forecasts from the key producers. Limiting the decline, global consumption was revised higher amid larger feed and residual use in India and the EU.
An 8 yr cycle low hits in 2024. Last major low Aug. 2016. Have a hit for a cycle low in WEAT ~ 3rd Qtr 2024, but chart is just not long enuff. Looks like Wheat futures are in a Big C wave down. This could mark a final LT low for my lifetime (not young), and then Wheat will go into a long march up to new ATH's. Foodstuff will get expensive.
And if the 8 yr low is 400 or higher, we have a long series of higher lows starting.
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