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Morning Wire
Dalian meal and US meal make new contract lows overnight, US soybeans hold Aug-Oct-Nov daily chart lows, Matif wheat continues its breakout rally with US wheats a follower
US and Matif wheat make technically important gains overnight on news of a bigger than anticipated Saudi wheat purchase.
A very quiet overnight session. Russia turns boats of grain around and notes they will not be supplying Syria with food until the situation is more clear.
A quiet night session with corn backing slightly off from 451-452 resistance area in CH5 so far.
Corn slightly higher overnight now right up against 200 day ma/old Sep highs resistance. Wheats sloppy but higher. Soybeans lower but hold 9-20 day ma support on the overnight close.
US crop reports today during the session
US wheats out of their downtrend channels overnight to the upside, beans and corn testing daily chart resistance areas. US crop report tomorrow.
US wheats breaking out above 2+ month downtrend channel resistance? US unemployment report was out and US crop reports next Tuesday.
Morning Commentary 12.5.24
Dalian meal and US meal make new contract lows overnight, US soybeans hold Aug-Oct-Nov daily chart lows, Matif wheat continues its breakout rally with US wheats a follower
US and Matif wheat make technically important gains overnight on news of a bigger than anticipated Saudi wheat purchase.
A very quiet overnight session. Russia turns boats of grain around and notes they will not be supplying Syria with food until the situation is more clear.
A quiet night session with corn backing slightly off from 451-452 resistance area in CH5 so far.
Corn slightly higher overnight now right up against 200 day ma/old Sep highs resistance. Wheats sloppy but higher. Soybeans lower but hold 9-20 day ma support on the overnight close.
US crop reports today during the session
US wheats out of their downtrend channels overnight to the upside, beans and corn testing daily chart resistance areas. US crop report tomorrow.
US wheats breaking out above 2+ month downtrend channel resistance? US unemployment report was out and US crop reports next Tuesday.
Morning Commentary 12.5.24
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