Gold prices halted their recent slide albeit by the smallest of margins Wednesday gaining a whopping $2.40 in value to close at 1245.8 basis August futures. There seemed to be a reluctance of selling at the 1240 level along with technical chart consolidation after prices hit a four-week low early on. Mostly weaker world stock indices today worked in favor …
Soybean Complex: First Line Support
July Soybeans Soybeans continued slide to projected support area touched upon in yesterdays post. A moderate five way structural decline seems in place commencing from the 947.4 high. With divergence showing up in the hourly charts a rebound from this level could be in the cards. Any recovery of an non-impulsive nature should be met with resistance around …
Ag Commentary
The markets were down today. The weather has been fairly conducive to bean production overall. There are some problematic areas but that is always the case. The concerns at present are that it turns hot and dry in august. That has had the market on the defensive. The reality of the situation now is that we would need to go …
Live Cattle Report
Live Cattle The August Live Cattle opened (115.80) lower from Monday’s settlement (116.10) on Tuesday, June 20, 2017 and raced down to the low of the day at 113.65. The low came in just above the 200 DMA (113.25) support level and buyers came in at this level and took price higher. By the end of the session Live Cattle …
Tuesday AM Grain Weather Report
TUESDAY AM RADAR — CLICK HERE TO SEE FAST LOADING RADAR The mid morning radar shows some moderate rain showers and a few weak storms over the southern half of WI. There are some moderate rains and locally heavy storms over far southeastern NC into central & east SC, central & east GA & the FL panhandle. MONDAY MAX TEMPS 70s over …
Overseas Grain Weather Report
For the complete Overseas Grain Weather Report, CLICK HERE For those interested in grains, Sean Lusk, Director Walsh Commercial Hedging Services hosts a FREE Grain Outlook Webinar every Thursday at 3PM CST. If you cannot attend live, a recording will be sent to your email upon signup. REGISTER NOW. If you missed last week’s webinar you may VIEW A RECORDING.
Currency comment 6/20
Over the last week the U.S. dollar has risen moderately. During the same period foreign currencies have drifted lower. The currency that has traders watching closely is the British pound (the oldest world currency still in use at 1200 years). The main reason for the traders interest is the Brexit negotiations which began this week. Whether we see a soft …
Crude oil continues to slide
Plentiful Supply Crude oil took another move down on Tuesday. Crude closed on a seven month low, in anticipation of a limited draw down in supply. The August crude futures contract was down over 2% , flirting with the $43.00 per barrel level. OPEC’s agreed upon production caps don’t seem to have the market players concerned about supply at …
Soybean Complex: A Look at What’s Next
July Soybeans After rejecting off inner resistance line mentioned in yesterday’s post soybeans continued retreat holding up at 926.0. Was that peak the termination of an intermediate iv wave now giving way to a v wave decline? Structure seems unclear at this point. I believe tomorrow will tell the story. Continued pressure looks to take out last weeks …
Crude Oil: Still Slippery
I posted last week with crude trading around 46 that we seemed destine to take out the lows established on April 5th of this year. This optioned stemmed from the believe that were in the midst of an unfolding C wave decline to finish a complex W-X-Y correction. A series of impulsive moves seems to be in place leading me …