Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

$GLD, $SLV, $CU, $OIL, $CORN, $WEAT, $SOY

Commentary:  Crude Oils at resistances  Copper and Gold testing lower. PE

Crude Oil and Metals

NYMEX WTI Crude at 68.21 seeing resistance here, and needs to break to the Northside to continue rising to 70.

Note: Above 68.50, resistance is seen at 70.

ICE Brent Crude at 75.05 faces resistances at 76 and 78. Both are important and may hold near term. If 76 holds, then see a dip to 74-72 medium term.

Gold at 1192.70 can be seen re-testing 1180-1175 near term while trading below 1200. The precious Yellow metal can turn stable below 1200 next week.

Copper at 2.65 was rejected at 1st resistance on the dailies, and while that holds, the Red metal could come off to 2.55-2.50 near term. CU looks Bearish now to me.

 

Agriculture Commodities

Commentary: Record US harvest looms large in here. PE

Chicago Board of Trade (CBOT) agriculture grains futures finished lower Thursday as large US Corn and Soybean crop prospects drove down their prices, and investors turned to big technical selling amid US-China trade tensions.

The most active Corn contract for December delivery went down 5.75c, or 1.57% to close at 3.61 bu.

December Wheat delivery fell 3.5c, or 0.64% to close at 5.4175 bu.

November Soybean delivery dropped 16.25c, or 1.87% to close at 8.54 bu.

CBOT brokers estimate that funds Thursday sold 3,400 contracts of Soybean, 5,200 contracts of Corn, and 2,000 contracts of Wheat. In Soy products, funds have sold 2,300 contracts of Soymeal while being flat in Soyoil.

For the week ending 16 August US private traders have exported 8.8-M bu of Wheat, 48.3-M bu of Corn, and 47.8-M bu of Soybean, according to weekly export sales report released by US Department of Agriculture Thursday.

For their respective crop years to date

US has sold 314.4-M bu Wheat off 26%  from last year, 2,379-M bu Corn + 7%, and 2,159-M bu Soybeans, or -3.2%.

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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