Commodities Briefing: Hard and Soft
Crude Oil and Metals
NYMEX WTI at 67.10 came off, and if it does not bounce now, the price will likely continue South near term. So, we wait for confirmation to assure Bearishness in Crude Oil prices next week.
ICE Brent Crude at 72.52 came off and is still trading above support at 71-70. A clear break below that support triggers Bearishnes medium term.
Gold at 1222.70, +0.14% sees support at 1210 and 1200, note that 1210-1200 is Key support near term. Trade within 1240-1200 is seen in here, then perhaps a bounce.
Silver at 15.47 sees support at 15 and should hold in here, then a bounce in the Devil’s metal to 15.5-16.0 medium term.
Copper at 2.7685 is trading in the 2.8-2.7 range, and while support near 2.7 look to be holding. And the near term resistance indicates a fall below 2.70 near term. We wait to see if the Red metal breaks below 2.70 before testing at 2.80.
Chicago Board of Trade (CBOT) agriculture commodities closed higher Wednesday, with Soybean and Corn futures rising on declining crop conditions and forecasts for hot, dry weather in the US Midwest in the coming weeks.
The most active Corn contract for December delivery went up 0.5c, or 0.13% to close at 3.85 bu.
September Wheat delivery rose 5.7c, or 0.31% to close at 5.7 bu.
November Soybean delivery added 4.75c, or 0.52% to close at 9.105 bu.
About 67% of the Soybean crop was rated good or excellent as Sunday, according to the latest report released by US Department of Agriculture (USDA), down from 70% a week earlier and below forecasts for 69%.
About 71% of Corn crop earned top ratings, down from 72% a week earlier, but in line with forecasts, according to the USDA.
Wheat futures rose as investors turned to technical buying on global supply concerns.
As for forecast for agriculture crops
Astrong storm is moving through central Oklahoma Wednesday that has causing flash floods and bringing downpours to the region, according to the National Weather Service (NWS)
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