Agricultural Commodities mostly in red

Agricultural Commodities prices ended Tuesday’s session mostly in red. Wheat ended the session relatively flat, while corn and soy bean contracts fell as uncertainty prevailed over the U.S.-China trade deal and favorable forecasts in Argentina and Brazil.

In weather news, weather forecasts show that a round of above-normal temperatures will hit the center of the U.S next week. the Winter Storm Dorothy is also hitting Central Plains through the upper Midwest later this week. 

 

In the Energy Space, Oil prices ended Tuesday’s session higher,

U.S. (WTI) futures were at 58.31 USD per barrel and currently trading at 58.26 at 06:00 GMT.

International Brent futures were at 64.13 USD per barrel and currently trading at 64,13 at 06:00 GMT.

Investors will be keeping an eye on U.S oil inventories report from The Energy Information Administration expectations show that the inventories will drop by 418,000 barrels.

Wheat Intradía : up trend

CBOT Wheat December futures were flat on Tuesday’s session to close at 5.30-1/4 USD per bushel. Prices were lower on today’s session and currently trading at 5.29-3/4 USD per bushel at 06:00 GMT.

Regarding planting progress, USDA reported 87 percent planting complete for the 2019/20 winter wheat crop. That’s higher than 2018’s pace of 85 percent and behind the five-year average of 90 percent.

Regarding crop quality, USDA kept ratings steady from a week ago, with 52 percent, analysts expected the agency to lower winter wheat crop quality, moving from 52 percent in good-to-excellent condition down to 51 percent.

Preliminary volume estimates came at 126,892 CBOT contracts, down from Monday’s final count of 182,442.

  • Nuestra recomendación: buy over 529, take profit 532.75 then 535.25 stop loss 529
  • Otro lado: sell below 529, take profit 526.5 then 522.75 stop loss 529
Resistencia R1
532.75
R2
535.25
R3
539
Apoyo S1
526.5
S2
522.75
S3
520.25

Punto de pivote: 529

Corn Intradía : down trend

CBOT Corn December futures prices were fell on Tuesday pressured by a round of technical selling. To close at 3.67-1/4 USD per bushel, and currently trading at a matching price 3.67-1/4 USD per bushel at 06:00 GMT.

According to USDA’s latest data. 84 percent of this year’s corn crop has been harvested higher than last week’s 76 percent but remains well behind 2018’s pace of 93 percent and the five-year average of 96 percent.

In exports, Brazil grain exports have reached 1.445 billion bushels through November 23. Brazilian soybean exports have topped 2.542 billion bushels so far this year.

 Preliminary volume estimates came at 489,169 contracts, higher than Monday’s final count of 478,303. 

  • Nuestra recomendación: buy over 368.17, take profit 369.34 then 371.42 stop loss 368.17
  • Otro lado: sell below 368.17, take profit 366.09 then 364.92 stop loss 368.17
Resistencia R1
369.34
R2
371.42
R3
372.59
Apoyo S1
366.09
S2
364.92
S3
362.84

Punto de pivote: 368.17

Soybean Intradía : down trend

 

CBOT Soybean January futures prices finished the session lower for the fifth consecutive session to settle at 8.84-1/4 USD per bushel pressured by favorable rain in South American as well as a lack of meaningful progress in ongoing U.S.-China trade negotiations. Soybean futures are currently trading now at 8.85-1/2 at 6:00 GMT.

Regarding the Crop progress report from USDA, soybean harvest is now 94 percent complete, moving from 91 percent and slightly lower than analyst's exceptions of 95 percent. However, it's still behind the five year average of 97 percent.

In exports, Soybean export inspections came at 71.4 million bushels last week. Analysts anticipated that soybean export inspections would reach 55.1 million bushels.

Preliminary volume estimates were for 179,644 contracts, higher than Monday’s final count of 140,51.


  • Nuestra recomendación: sell below 887.25, take profit 879.75 then 875.25 stop loss 889.25
  • Otro lado: buy over 887.25, take profit 891.75 then 899.25 stop loss 885.25
Resistencia R1
891.75
R2
899.25
R3
903.75
Apoyo S1
879.75
S2
875.25
S3
867.75

Punto de pivote: 887.25

The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Gotinsiders.com current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.