Grains and Agricultural Futures Sideways Ahead of the US National Crop Report

Agricultural commodities including soybeans, corn and wheat are trading mostly sideways as investors are waiting for the US national crop report to check how planting and emerging details are.
Mauricio Carrillo
Grains and Agricultural Futures Sideways Ahead of the US National Crop Report
Grains and Agricultural Futures Sideways Ahead of the US National Crop Report

Soybeans, wheat, and corn are trading mostly sideways on Tuesday as investors are waiting for a new release of the weather and crop report in the United States.

Traders are expecting more progress in the planting and a better forecast for the weather in the next week. However, the focus is now turning to the crops emerging and next steps of the season.

Agricultural trading report

Soybeans are trading in a small range between 8.460 and 8.490 with brief adventures to the down and upside. The bushel os trading negative for the fourth time in the last five days and extending losses after Monday’s rebound from 8.410.

Corn is falling again on Tuesday after Monday’s recovery, but overall, the unit is negative and it looks ready to trade below the 4.000 area for the first time Since May 28.

Wheat is trading near to the psychologic 5.000 again. The unit remains to trade in a wide range between 4.800 and 5.200 since May 24. The 200-day moving average supports wheat.

Sugar is testing the 0.1240 area again on Tuesday, but as it happened in the last five trading sessions, the level remains firm. Today sugar was rejected and fell to 0.1220, but it recovered ground to the 0.1240. Will it break it? Time will say, but the production remains weak.

Coffee is trading negative for the second day in a row with the Futures of Coffee breaking below the 100.00 area and testing the 98.00 level, lowest since May 29. Coffee prices are expected to continue falling at least to 96.25, where the 20-day moving average and highs from April and May lies.

Soybeans flat ahead of US crop national report

Soybeans June 11 daily chart

Soybean is trading flat on Tuesday after the bushel recovered ground from 8.438, but the 50-day moving average contained the movement. The unit is now trading at 8.509, 0.10% negative on the day.

Recent forecasts about more temperate weather in the midwest of the United States are lifting planting progress expectations, sending soybeans prices lower.

However, the market wants to check how planting is advancing for sure, and today’s report from the US Department of Agriculture will show it.

The forecast is another crucial point in the report as it will show the expectations for rains and storms in the next week.

Now, the market is turning focus into the emerging steps, and it will be late just ahead of an imminent summer and hot temperatures.

In this framework, Soybeans remains trading sideways, but the catalyst is just coming. To the upside, the unit will see resistances at the 200-day moving average at 8.700 and then the 8.800 area.

To the downside, 8.400 is the first support, then, 8.320 and 8.000 are the levels to watch.

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

Latest Articles

See All

Expand Your Knowledge

See All
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.
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.