Commodities Briefing: Hard and Soft
Crude Oil and Metals
ICE Brent Crude at 74.59, and NYMEX WTI Crude Oil at 69.23 are up a bit. WTI Crude tested 70 for 2 sessions running, but came off sharply closing lower. If 70 holds in here, we may see another dip to 68 by this week’s end. Brent Crude looks Bullish to 76, but if WTI Crude falls, the Northside for Brent Crude may be limited near term.
Gold (1220.50) has been trading along the medium term resistance line on the daily candles and while that holds, Gold could come off towards 1210 or even lower in the next 2-3 sessions. Trade is likely to remain ranged just now with a maximum downside target of 1200 in the medium term.
Copper (2.7620) is holding within the 2.80-2.70 region just now. A rise towards 2.80 is possible by end of this week. Overall view remains ranged.
Chicago Board of Trade (CBOT) agriculture commodities closed mixed Tuesday, with Soybean futures rising over 1%, following falls in US Corn, spring Wheat and Soybean crop ratings from the USDA.
The most active Corn contract for December delivery went down 0.75c, or 0.19% to close at 3.845 bu.
September Wheat delivery fell 6.25c, or 1.09% to close at 5.6825 bu.
November Soybean delivery added 12.25c, or 1.37% to close at 9.0575 bu.
Wheat retreated after closing at a 3-year high Monday, weighed down by slow demand for US exports despite expected crop shortfalls in several major exporting countries.
Corn eased along with Wheat, although losses were limited by good demand and tightening global supplies.
About 67% of the Soybean crop was rated good or excellent,as of Sunday, according to the report released by US Department of Agriculture(USDA) Monday, down from 70% a week earlier and below forecasts for 69%.
Fully, 74% of the spring Wheat crop earned Top ratings, down from 78% a week earlier and missing expectations for 77% good to excellent.
Corn was 71% good or excellent, according to the USDA, down from 72% a week earlier, and in line with forecasts
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