Commodities Briefing: Hard and Soft

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

Commentary: Commodities mostly look stable to weak medium term. Some sideways consolidation near term is possible with a possible test of respective resistances in Crude Oil. PE

Note: Gold and Copper have risen a bit, but have major overhead resistances, which could limit the Northside. Crude Oil seen trading sideways.

Crude Oil and Metals

NYMEX WTI Crude at 65.52, and ICE Brent Crude at 72.21 are up from Monday’s marks. But, the resistance at 66.50-67.00 on WTI Crude is important and if that holds, price could re-test to 65-64 near term. Brent Crude could consolidate in the 73-71 area. A clear break on either side will signal direction.

Gold at 1200.30 is up to test at 1200. Next resistance is at 1210. A move past 1210 is needed to drive the price to 1225-1230 and higher long term. Gold bugs see some Bullishness while trading above 1200.

Copper at 2.6735 moved up a bit. But, there is resistance 2.70. If 2.70 holds then see a down-leg to 2.65-2.60, or else Copper could move to 2.80+ levels medium term.

Agriculture Commodies

Chicago Board of Trade (CBOT) agriculture futures finished mixed Monday with Wheat retreating following a more than 3% last Friday.

The most active Wheat contract for December delivery fell 17.25c, or 2.98% to settle at 5.625 bu.

December Corn went down 2.25c, or 0.59% to close at 3.765 bu.

November Soybean up 0.5c, or 0.06% to settle at 8.9375 bu.

Wheat futures posted significant gains late last week due to falling global supply amid adverse weather conditions, gave back almost all gains Monday.

CBOT grain traders reported that funds sold an estimated 8,000 contracts of Wheat, 4,500 contracts of Corn, and have bought a net 3,000 contracts of Soyean.

Soybean continued to find support as US traders hope to see progress on planned trade talks in Washington with China Top buyer of US Soybean.

Stay tuned…

  agriculture, commodities, Copper, Corn, corn wheat, crop, Crude, CU, delivery, GLD, Gold, oil, SOY, Soybean, trade, WEAT, weather

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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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