Commodities
Wheat Bounces Back After Approaching A Near Danger Zone
(Commodities)- Wheat saw a demand today as it was near a danger zone. Below $620 things could of gotten ugly but, traders stepped in and were buying today as Wheat closed around $634 +1.20% today.
Looking at the technical aspect of things, Wheat maintained the descending channel illustrated above. As it was near the danger of dropping below this support level, traders stepped in pushing it towards the top of the channel but ultimately rejected the top as resistance.
Schedule
The USDA will release the following Thursday:
- Export sales 8:30 AM EST
- Quarterly hogs and pigs report 3PM EST
- Monthly Livestock slaughter report 3PM EST
The EIA will release its weekly ethanol production and stocks report at 10:30 AM EST on Wednesday
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Commodities
Commodities: Soybeans Is Trading Near A Key Level
Grains have saw a BOOM and as commodities tend to trade, we should expect a BUST, right? Well maybe that is not the case yet because Soybeans in trading near a very important level.
Soybeans is trading over 100 points off of Mays low as it is inching closer to the key $1,800 area.
As you can see the chart above, you can see that around 2012 Soybeans was trading near the current levels it is trading at.
This key area is going to be $1789 and above this level could be a nice breakout potentially.
Right now Soybeans currently trades at $1705 but, it has been consolidating for a few weeks now as it has traded in a range around $1600-$1700.
Commodities
Wheat Breakouts Out Of Channel…AGAIN
Wheat Futures saw a gap up as futures opened last night.
This came after it broke out on Thursday and it has gained momentum Friday followed by a gap up on Sunday.
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Commodities
Soybeans Trying to Breakout Over $1600
It has been quite the ride for Soybean traders the past few months as it has gone from $1600 back down to $1200 and now back at $1600.
The question is will it be a double top or will it actually breakout above $1600 this time.
First, I want to give credit to our very own @ChartBreakouts on twitter for calling this breakout via twitter.
The Chart
Since Soybeans had bottomed around $1200 it had broken out and not looked back. As you can see this current area is very strong resistance from a few months back and all eyes will be on the $1600 area.
Earlier this week Soybeans did try to gain momentum over $1600 but that was not long lived and in result it fell back below $1600.
This morning Soybeans is currently trading around $1599 and is on watch today to see if demand can come into it and push it higher
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