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Technical Analysis 02/07/2020

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Author:

Consulting Agency

UkrAgroConsult

Wheat July 2020.

Winter wheat trading added to Tuesday’s gains, while spring wheat pulled back some on Wednesday. SRW futures closed the day with 6 to 8 3/4 cent gains. KC wheat futures ended 2 1/2 to 7 cents higher. Strength in corn helped the winter wheats. MPLS spring wheat closed the day down by 2 to 3 1/2 cents. The 7-day QPF shows at least 2-3 inches of rain forecast over the next week for most of ND as well as parts of northern SD and western MN. Estimates ahead of tomorrow’s Export Sales report have wheat bookings ranging 250,000 to 600k MT. 

  • Jul 20 CBOT Wheat closed at $4.98 3/4, up 8 3/4 cents,
  • Jul 20 KCBT Wheat closed at $4.42 1/2, up 7 cents,
  • Jul 20 MGEX Wheat closed at $5.07 1/4, down 2 cents.

Technical Indicators

Name

Value

Action

RSI(14)

55.030

Buy

STOCH(9,6)

95.984

Overbought

STOCHRSI(14)

62.721

Buy

MACD(12,26)

2.310

Buy

ADX(14)

47.834

Buy

Williams %R

-4.094

Overbought

CCI(14)

62.6316

Buy

ATR(14)

4.9379

High Volatility

Highs/Lows(14)

1.4607

Buy

Ultimate Oscillator

53.683

Buy

ROC

0.430

Buy

Bull/Bear Power(13)

4.0640

Buy

Buy: 9

Sell: 0

Neutral: 0

Summary:STRONG BUY

 

Moving Averages

Period

Simple

Exponential

MA5

497.85
Buy

497.10
Buy

MA10

495.75
Buy

496.49
Buy

MA20

495.86
Buy

494.78
Buy

MA50

489.37
Buy

490.79
Buy

MA100

484.84
Buy

487.26
Buy

MA200

483.93
Buy

487.91
Buy

Buy: 12

Sell: 0

Summary:BUY

 

Изображение выглядит как текст, картаАвтоматически созданное описание

 

Corn July 2020.

The front month corn futures rally persisted through the Wednesday session. Prices were 8 to 10 1/4 cents stronger at the close. July futures were strong on the day with a 2.88% gain to $3.48 1/4. USDA’s monthly Grain Cruhsings report showed 299.93 mbu of corn was ground for ethanol in May. DDGS production in May was back up by 219k tons mo/mo to 1.234 million tons. EIA data from the week ending June 26 showed ethanol plants produced 900k barrels of ethanol per day on average. Average daily production increased by 7,000 bpd wk/wk. Ethanol stocks were reduced 870k barrels on the week to 20.164m bbls. That is the smallest stockpile since January 6 of 2017! Traders anticipate old crop corn bookings between 450,000 and 700,000 MT. New crop sales are estimated to be less than 200k MT.

  • Jul 20 Corn closed at $3.48 1/4, up 9 3/4 cents,
  • Sep 20 Corn closed at $3.50 1/2, up 9 cents,
  • Dec 20 Corn closed at $3.60 1/2, up 10 cents,
  • Mar 21 Corn closed at $3.71 1/2, up 10 1/4 cents.

Technical Indicators

Name

Value

Action

RSI(14)

67.050

Buy

STOCH(9,6)

43.439

Sell

STOCHRSI(14)

0.000

Oversold

MACD(12,26)

3.020

Buy

ADX(14)

53.724

Buy

Williams %R

-58.080

Sell

CCI(14)

10.3355

Neutral

ATR(14)

1.8757

Less Volatility

Highs/Lows(14)

0.0000

Neutral

Ultimate Oscillator

56.285

Buy

ROC

0.686

Buy

Bull/Bear Power(13)

1.1720

Buy

Buy: 6

Sell: 2

Neutral: 2

Summary:STRONG BUY

 

Moving Averages

Period

Simple

Exponential

MA5

347.75
Sell

347.67
Sell

MA10

347.68
Sell

347.33
Buy

MA20

346.35
Buy

345.47
Buy

MA50

337.39
Buy

338.83
Buy

MA100

328.15
Buy

333.42
Buy

MA200

328.02
Buy

330.05
Buy

Buy: 9

Sell: 3

Summary:BUY

 

Изображение выглядит как текст, картаАвтоматически созданное описание

 

 

Soybeans July 2020.

Soybean futures closed the Wednesday session with gains of as much as 18 3/4 cents. Jan beans were up 2.12% on the day, but the other front months closed 9 1/2 to 17 1/4 cents higher. Soymeal futures closed with a $6.40/ton gain in July. July bean oil was up by 23 points at the close. USDA released May bean crush in their Fats and Oils report this afternoon at 179.533 mbu. The trade was looking for 180.7 mbu. That was down 3.84 mbu from April, even with an extra day, but was still a record for the month. Bean oil stocks on hand at the end of the month were 2.447b lbs. That was down 155m lbs from April, but still 428m lbs larger yr/yr. Trade is looking for old crop bean sales to range from 300k to 800k MT in tomorrow’s report. New crop sales are also estimated to range 300 to 800k MT. Soymeal export sales are estimated between 75,000 and 250k MT, with up to 50k MT of 2020/21 bookings. Traders estimate bean oil sales between 5,000 and 25,000 MT.

  • Jul 20 Soybeans closed at $8.93 3/4, up 9 1/2 cents,
  • Aug 20 Soybeans closed at $8.91 1/2, up 12 3/4 cents,
  • Sep 20 Soybeans closed at $8.91 1/4, up 14 1/4 cents,
  • Nov 20 Soybeans closed at $8.99, up 16 3/4 cents,
  • Jul 20 Soybean Meal closed at $292.70, up $6.40
  • Jul 20 Soybean Oil closed at $28.21, up $0.23.

Technical Indicators

Name

Value

Action

RSI(14)

61.815

Buy

STOCH(9,6)

49.803

Neutral

STOCHRSI(14)

8.832

Oversold

MACD(12,26)

3.370

Buy

ADX(14)

36.502

Buy

Williams %R

-50.000

Neutral

CCI(14)

40.3685

Neutral

ATR(14)

2.6071

Less Volatility

Highs/Lows(14)

0.0000

Neutral

Ultimate Oscillator

69.499

Buy

ROC

0.252

Buy

Bull/Bear Power(13)

1.7800

Buy

Buy: 6

Sell: 0

Neutral: 4

Summary:STRONG BUY

 

Moving Averages

Period

Simple

Exponential

MA5

893.90
Buy

893.82
Buy

MA10

894.01
Sell

893.57
Buy

MA20

892.69
Buy

891.49
Buy

MA50

882.32
Buy

884.70
Buy

MA100

874.32
Buy

879.23
Buy

MA200

874.42
Buy

875.08
Buy

Buy: 11

Sell: 1

Summary:BUY

 

Изображение выглядит как текст, картаАвтоматически созданное описание

 

UkrAgroConsult

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