FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
97,259,893Confirmed
2,081,056Deaths
69,818,142Recovered
Fetching Location Data…
Advertisement
Advertisement
David Becker
corn-pic2

Grain prices are higher early North American trade on Wednesday, led by a breakout in corn with wheat prices surging more than 1%. NOPA reported a record crush and huge inventories of soybean oil which weighed on the soybean complex.

Advertisement
Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

Corn Prices

Corn prices surged more than 3.6% in early North American trade. Prices broke out above the 3.99 highs and are poised to test target resistance near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 3.96.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Advertisement

Soybean Prices

Soybean prices edged in early North American trade but was unable to pierce through resistance near the 10-day moving average at 1015. On Tuesday NOPA released crush data, that showed that the April crush surpassed analyst estimates and became the largest monthly crush for any preceding April on record.  161.016 million bushels were crushed vs analyst estimates of 160.97 million. Crushing activity was down 6.31% from March but up 15.73% compared to April of 2017.

Soybean oil stocks were exceeded analyst expectations. Analysts had a median forecast for stocks to come in at 1.980 billion pounds.  Estimates were up 1.8% from the 1.946 billion pounds at the end of March.  Support on soybeans is seen near an upward sloping trend line that comes in near 995. Negative momentum is decelerating as the MACD (moving average convergence divergence) histogram prints in the red with an upward sloping trajectory which points to consolidation.

Wheat Prices

Wheat prices moved higher in early trade in North America. Prices recaptured support near the 50-day moving average at 493. Resistance is seen near the 50-day moving average at 4.82. Resistance is seen near the 10-day moving average at 5.08. 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).

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US