Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

Commodities Briefing: Hard and Soft

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

Crude Oil and Metals

NYMEX WTI Crude at 66.83 is neutral trading below 68, while theat resistance holds, the price can head South to 64-63 now.

ICE Brent Crude at 72.14 has support at 71, which has been holding. A test to  71 is seen near term, then maybe a bounce to 73.

Gold at 1219.90 has been ranged and the precious Yellow meal could come off to 1210 near term.

Silver at 15.43 looks Bearish to 15.25 now

Copper at 2.7725 is ranged within 2.70 and 2.85, watch to see movement on either side of this range. Looks like the Red metal is stable in here.

 

Agriculture Commodies

Chicago Board of Trade (CBOT) agriculture commodities finished lower Thursday, with Wheat futures falling from the highest in 3 years, as the heat wave in Europe breaks and Argentina crops are reportedly looking good now.

The most active Corn contract for December delivery went down 2.25c, or 0.58% to close at 3.8275 bu.

September Wheat delivery fell 5.5 c, or 0.96% to close at 5.645 bu.

November Soybean delivery dropped 6.5c, or 0.71% to close at 9.04 bu.

Temperatures in France are expected to ease later this week following a round of intense heat. Cooler air is expected Friday and into the weekend after temperatures in France and Germany reached almost 100 degrees, according to Accuweather.

In Argentina, growers who are finishing planting reported moist soils and cool weather that’s giving crops a boost. The Buenos Aires Grain Exchange has projected a Wheat output of 19-M tonnes.

The US Department of Agriculture (USDA) has pegged wheat output in Argentina at 19.5-M tonnes, which would Top a record set in MY 2007-2008.

CBOT Soybean futures retreated after 2 sessions of gainers in a profit-taking and position-squaring setback ahead of Friday’s USDA monthly supply and demand report.

Corn also slipped as traders moved to the sidelines ahead of the closely watched report, the 1st of the season to include field surveys of US crops that have been hurt in some areas by hot, dry weather

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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