September 21, 2017 | Global Ag News Highlights
USDA Agency Reports
Grains are lower. US Dollar is mixed to higher. Crude is lower. Gold is sharply lower on talk of a Dec US Fed rate hike.
Chinese Ag futures (January) were up 5 yuan in Soybeans, unchanged in Corn, up 13 in Soymeal, down 8 in Soyoil, and down 18 in Palm Oil. The Malaysian Palm Oil market was down 33 ringgit at 2,737, basis December, on higher production concerns, rival oils.
Weekly US soybean export sales are est near 1,200-1,500 mt vs 1,612 last week, corn 700-1,000 mt vs 1,047 last week and wheat 300-500 mt vs 317 last week.
Soybeans (NOV): Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend. The close over the pivot swing is a somewhat positive setup. The next upside objective is 978 3/4. The next area of resistance is around 974 1/2 and 978 3/4, while 1st support hits today at 965 1/2 and below there at 960 1/2.
Corn (DEC): Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market's close below the 9-day moving average is an indication the short-term trend remains negative. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside target is now at 345 1/2. The next area of resistance is around 352 and 353 3/4, while 1st support hits today at 348 and below there at 345 1/2.
Wheat (DEC) 09/21/2017: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. A positive setup occurred with the close over the 1st swing resistance. The next upside target is 457 3/4. The next area of resistance is around 454 1/4 and 457 3/4, while 1st support hits today at 445 1/4 and below there at 439 1/2.
The Midwest US weather forecast has no major changes with average to above average precip for the western Midwest, below average in the east. Temps will be running above average for much of the next week to ten days.
The Southern US Plains weather has no major changes with average to above average precip mainly developing over the weekend and the first half of next week. Temps are seen running above average the next week to ten days.
The 11-16 day U.S. forecast has mainly dry weather for the Plains and now most of the Midwest. Temps are seen running above average in the Plains and western Midwest and, average readings in the eastern Midwest.
Funds bought 3,000 soybeans, 1,000 soymeal, 2,000 soyoil, 5,000 corn and 4,000 wheat on Wednesday. Funds are estimated to be long 5,000 soybeans, short 27,000 soymeal, long 98,000 soyoil, short 124,000 corn and short 83,000 wheat.
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