This marketing year Iran has already imported over 2.3 million tons of wheat from 13 countries around the globe despite multiple sanctions imposed by the US and its allies.
The latest import deal was estimated at $806.6 million. Over 600K was bought in Switzerland. The rest was bought in the US, Russia, Germany and Brazil.
Market Leader reminds that Iran is suffering from sanctions because of its nuclear program. However, somehow, Iran still manages to buy wheat because of droughts that damaged the domestic harvest.
In the near future, Iran is planning to import 1 million tons of wheat from Pakistan at $300 per ton. Iran has promised to export iron ore and fertilizers in exchange for wheat.
The chart below, courtesy of , reflects the current state of affairs in the market of wheat futures.
The price is forming a bearish move. Wave 1 is probably completed. If the supposition is right, there will be another downswing after a short period of consolidation. The key level of resistance for the recovery is 870$. A mid-term trend reversal will become probable if the price makes a strong upswing.
