Agricultural Commodities prices mixed after WASDE report

Agricultural Commodities prices were mixed on Friday, as World Agricultural Supply and Demand Estimates (WASDE) report released Friday morning. However, the latest round of data didn’t do much to move grain prices much in either direction.

In weather space, cold weather coming up, with daytime highs dropping 20 degrees below normal for much of next week across large areas of the central U.S. Only airy rain and snow is predicted throughout the Corn Belt through November 15, however, per the latest seven-day cumulative precipitation map from NOAA.

Wheat Intradía : down trend

CBOT Wheat December futures eased on Friday’s session on a round of technical selling and finished at 5.10 USD per bushel. Prices were lower on today’s session and are currently at 5.08 USD per bushel at 06:00 GMT.

USDA reported that domestic wheat stocks fell slightly in November, from 1.043 billion bushels down to 1.014 billion bushels. World stocks rose slightly, in contrast, from 287.8 MMT up to 288.3 MMT.

Preliminary volume estimates were for 149,400 CBOT contracts, ticking about 11% higher than Thursday’s final count of 134,075.

  • Nuestra recomendación: sell below 511.17, take profit 504.59 then 498.92 stop loss 511.17
  • Otro lado: buy over 511.17, take profit 516.84 then 523.42 stop loss 511.17
  • Comentario: RSI above 30
Resistencia R1
516.84
R2
523.42
R3
529.09
Apoyo S1
504.59
S2
498.92
S3
492.34

Punto de pivote: 511.17

Corn Intradía : sideways

CBOT Corn December futures rose on Friday, as USDA reduced domestic corn production and supplies – moves that were mostly already baked in because they were in line with analyst estimates. Corn futures prices closed higher on Friday at 3.7725 USD, and currently trading at 3.7525 at 06:00 GMT.

In US news, USDA has reported corn production at 13.661 billion bushels, down quietly from the agency’s October estimate of 13.779 billion bushels. Analysts expected a lower total, however, with an average guess of 13.604 billion bushels.

Preliminary volume estimates were for 617,360 contracts, moving significantly above Thursday’s last count of 392,399.

  • Nuestra recomendación: sell below 377.75, take profit 372 then 366.75 stop loss 377.75
  • Otro lado: buy over 377.75, take profit 383 then 388.75 stop loss 377.75
  • Comentario: RSI above 30
Resistencia R1
383
R2
388.75
R3
394
Apoyo S1
372
S2
366.75
S3
361

Punto de pivote: 377.75

Soybean Intradía : sideways

CBOT Soybean November futures plunged on Friday after some comments from President Donald Trump cooled optimism over a U.S.-China trade deal, despite positive WASDE report. Soybean futures ended the session at 9.3125 USD per bushel and trading now at 9.2775 at 6:00 GMT.

Soybean harvested acres held steady from last month, at 75.6 million acres, with average yields also unaffected at 46.9 BPA. That leaves USDA’s November forecast for soybean production still at 3.550 billion bushels. Analysts expected a slight decline, to 3.513 billion bushels.

In far Asia, China raised up its estimates for 2019/20 soybean imports to 3.167 billion bushels on expectations for better trade relations with the U.S. China imported just over 227 million bushels of soybeans last month, according to customs data.

Preliminary volume estimates were for 223,660 contracts, moving moderately ahead of Thursday’s final count of 189,522.

  • Nuestra recomendación: sell below 932.08, take profit 925.66 then 920.08 stop loss 934.08
  • Otro lado: buy over 932.08, take profit 937.66 then 944.08 stop loss 930.08
  • Comentario: RSI above 30
Resistencia R1
937.66
R2
944.08
R3
949.66
Apoyo S1
925.66
S2
920.08
S3
913.66

Punto de pivote: 932.08

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