Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

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

Commentary: Overall, the Northside appears limited for Crude Oil prices near term. PE

Note: Crude Oil prices rose a bit after release of the US inventory data that states a fall to 15 February low of 401.49-M bbls.

Crude Oil and Metals

NYMEX WTI Crude Oil at 67.87 could be pushed down to 66 near term if Brent Crude Oil comes off from resistance at 76.65.

ICE Brent crude at 76.65 daily chart may hold and should it will likely push the prices lower near term.

Gold at 1207.70 may have see the low in August and could start moving North in here. While it trades above 1190, the price could move up to 1215-1220 near term, 1st support at 1200 may hold now. Range trade in the 1220-1200 area looks likely, with a possible Southside extension to 1190.

Copper at 2.6365 is up some and looking to test of 2.65. Medium term support near 2.58-2.60 in here. A clear break above 2-65 and then 2.70 is needed to establish a medium term low and continue to rise for the longer. Until that happens a fall back to 2.60 may occur.

Agriculture Commodities

Chicago Board of Trade (CBOT) agriculture commodities finished lower Thursday, with Wheat futures falling on expectations that US Wheat supplies will continue to struggle to gain traction on the global export market.

The most active Corn contract for December delivery rose 1c, or 0.27% to close at 3.6625 bu.

December Wheat delivery fell 8c, or 1.53% to close at 5.135 bu.

November Soybean delivery went up 1.25c, or 0.15% to close at 8.3925 bu.

CBOT Corn futures edged slightly higher, with pressure from the Wheat market and expectations for a massive US crop counteracting any strength from bargain buying and short-covering.

Soybean futures also finished higher, but concerns about the ongoing trade tensions with major trade partners kept a lid on a rally.

As for weather forecast for agriculture crop, Tropical Storm Gordon made landfall near the Mississippi-Alabama border Tuesday, which means rain, floods and storms for parts of the states into Arkansas for the next few days, according to the National Weather Service.

Stay tuned…

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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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