Soybeans Rebound Following News that China Could Begin to Import U.S. Products
Grain prices are mixed in early North American trade on Tuesday, with soybeans rebounding following news that China might resume purchases of exports from the United States. Reports say that China is willing in principle to import more U.S. agricultural products in return for Washington smoothing penalties against ZTE. The uncertainty about whether China will continue to buy U.S. soybeans has been weakening the market for several weeks. Wheat has fallen for the last four sessions on expectations of large global supplies and better weather for crops in the U.S. and other regions.
Corn Prices
Corn prices are lower in early North-American trade but have rebounded from session lows. Target resistance on corn is seen near the 10-day moving average at 3.94. Support is seen near the 50-day moving average at 3.85. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).
Soybean Prices
Soybean prices are higher climbing 1.8% in early North American trade. Prices closed on their lows on Monday testing support near an upward sloping trend line that comes in near 994. Resistance is seen near the 10-day moving average at 1018. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.
Wheat Prices
Wheat prices continue to decline and are lower in early trade in North America. Support is seen near an upward sloping trend line that comes in near 4.68. Resistance is seen near the 50-day moving average at 4.82. Resistance is seen near the 10-day moving average at 4.81. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).
This article was originally posted on FX Empire
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