Commodities Briefing: Hard and Soft
$GLD, $SLV, $CU, $OIL, $CORN, $WEAT, $SOY
Crude Oil and Metals
ICE Brent Crude at 73.98 is likely to range trade within 72.50-74.00 in here.
NYMEX WTI Oil art 69.09 now looks Bullish to me while trading above 68. WTI Crude may target 70-71 medium term.
Gold at 1217.90 looks to be ranged within 1230-1200 for the next 2-3 weeks. Neutral range trade probably will continue for the rest of August. No major movement expected now, other that a test to support at 1210 might happen.
Copper at 2.7350 is trading above support at 2.70, while that holds, a bounce to 2.80 is possible. Be alert because there are equal chances for the Red metal to fall to 2.65 on a clear break below 2.70.
The Agriculture Commodities
Chicago Board of Trade (CBOT) agriculture commodities closed finished Monday, with Soybean futures falling nearly 1%, as investors turned to technical selling amid ongoing US-China trade frictions.
The most active Corn contract for December delivery went up 1c, or 0.26% to close at 3.8525 bu.
September Wheat delivery added 18.25c, or 3.28% to close at 5.745 bu.
November Soybean delivery dropped 8.75c, or 0.97% to close at 8.935 bu.
Soybean declined sharply after China on Friday decided to impose additional tariffs on about $60-B worth of US products, in response to the US plan to raise tariffs to be imposed on $200-B of Chinese goods from 10% to 25%.
CBOT Wheat futures rose over 3% on agriculture grain traders concerns about tightening global supplies as harsh weather slashed harvest prospects around the world.
Corn futures firmed on eroding crop conditions in the United States and on spillover support from Wheat market
As for weather forecast for agriculturel crop, thunderstorms are expected to arrive for parts of the US State of Minnesota on Monday and Tuesday, though they are not expected to be severe, according to the National Weather Service (NWS).