October 17, 2024
European milling wheat futures weekly chart shows a price rally above the 50-week moving average, with a strong resistance at the 200-week moving average, which rejected the price earlier this year. On the daily chart, the upcoming golden cross between the 50-day and 200-day moving averages suggests potential bullish momentum, but we remain cautious until prices approach closer to the crossover. We anticipate possible support around the 220 level, where buyers may step in to drive the price higher.
