Commodity Market Report, 11th of March 2019

Agricultural Commodities closed Friday’s session in mixed territories, where Wheat edged up, Corn finished flat, and Soybean took the biggest hit on Friday after WASDE report was revealed from the United States Department of Agriculture.

In weather space, warmer weather is expected to arrive through the central U.S., with some slightly above-normal temperatures are expected to occur in the upcoming days.

In the Energy news, oil prices rose on today’s session after the Saudi oil minister, Khalid Al-Falih, commented that an end to OPEC-led supply cuts was unlikely before June, in addition to a report showing a fall in the United States’ drilling activity.

U.S. WTI crude oil futures ended Friday’s session down at 56.02 USD per barrel, while currently trading higher at 56.52 USD a barrel at 8:50 GMT.

International Brent futures were at finished Friday in the red at 65.66 USD per barrel, but rose on today’s session to trade at 66.30 USD a barrel at 10:00 GMT.


ZW Intraday: down trend

CBOT Wheat May futures ended Friday’s session higher, to settle at $4.39-1/2 bushel round a technical strong technical level after taking steep losses this week. Furthermore, prices went slightly down on today’s session and are currently trading at 4.39 per bushel at 10:00 GMT.

In export, according to reports from WASDE, Wheat exports fell by 35 million bushels below February estimates to reach 965 million bushels.

The Philippines purchased 1.6 million bushels of Wheat, likely sourced from Australia, in a deal that closed on Friday.

Preliminary volume estimates were at 91,547 CBOT contracts, lower than Thursday’s final count of 143,114.

Resistance R1
444.166
R2
448.833
R3
453.416
Support S1
434.916
S2
430.333
S3
425.666

Pivot Point: 439.583

ZC Intraday: sideways

CBOT Corn May futures ended Friday’s session slightly higher at $3.64-3/4 per bushel supported by WASDE report. Soybeans futures traded at $3.65-1/2 per bushel today at 10:00 GMT.

WASDE announced from USDA had some bearish data on Corn, including small and large exports. Exports dropped by 75 million bushels from prior projections to reach 2.375 billion, while ending stocks moved 100 million bushels higher to 1.836 billion bushels. Moreover, USDA also lowered its season-average price assessment by five cents for a new midpoint of 3.55 USD per bushel.

Preliminary volume estimates were at 256,475 contracts, lower than Thursday’s final count of 478,514.

Resistance R1
367.416
R2
370.083
R3
372.916
Support S1
361.916
S2
359.083
S3
356.416

Pivot Point: 364.583

ZS Intraday: sideways

CBOT Soybean May futures ended Friday’s session lower at $8.95-3/4 per bushel pressured by large domestic and global supplies revealed in the latest WASDE report. Soybeans futures traded at $8.95-1/4 per bushel today at 10:00 GMT.

In exports, Private exporters reported the sale of 24.3 million bushels of Soybeans for delivery to China during the 2018/19, which began September one. Meanwhile, in South America, USDA estimates of Argentina’s and Brazil’s 2018/19 Soybean production will total 2.022 billion bushels and 4.280 billion bushels, respectively.

Preliminary volume estimates were at 112,649 contracts, lower than Friday’s Final count of 230,720.

Resistance R1
902.84
R2
909.92
R3
915.34
Support S1
890.34
S2
884.92
S3
877.84

Pivot Point: 897.42