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Mauricio Carrillo
Grains Positive Amid Hot Weather Conditions, Ahead of Fed

Agricultural futures are trading positive on Monday as investors are digesting dry weather conditions in the United States that would stress even more the crops.

Also, all the action in the investment market is focused on the Federal Reserve two-day meeting that will start tomorrow Tuesday and will announce a possible interest rate cut on Wednesday.

Soybeans bounce from 8.780

Prices of Soybean daily chart July 29

Soybean is trading positive on the first day of the week as investors are digesting dry weather conditions in the U.S. midwest. Also, the 200-day moving average is serving as support at 8.780.

Currently, soybean is trading 0.65% positive on Monday as the grain is moving at 8.850. However, technical conditions suggest that the upside will be short-lived and the 8.900 will be strong resistance.

To the downside, soybean has immediate support at the mentioned 200-day moving average 8.780. Below there, the oilseed will face the 50-day moving average at 8.720, then July 9 lows at 8.660 and June 10 minimums at 8.410.


Corn up after bouncing at 4.075

Prices of Corn daily chart July 29

Corn is opening the week with gains as the unit found support at the 4.075 area earlier in the day and it started a recovery to trade as high as 4.145.

However, the 50-hour moving average is containing the upside, and currently, Corn is trading 0.60% positive on the day at 4.120.

Technical studies suggest more room for the upside, but the critical support at 4.06 is holding the unit. In the case the pair breaks below that level, it will have freeway to 3.900 and 3.750.

To the upside, 4.120-40 is the area to clear up if bulls want to start thinking in a possible long-lasting recovery. Watch 4.200, 4.300, and 4.500 as resistance areas.

Wheat jumps to tet 5.035

Prices of Wheat daily chart July 29

Wheat is recovering from Friday’s losses, and it is now testing July 25 highs at 5.035, where the pair is facing a robust middle-term resistance.

Technical conditions suggest more room for the upside with a break above the mentioned 5.035 level would open the door for more gains until 5.100. Above there, the unit will go all the way up to test the 5.300 area.

To the downside, check the 4.900 area for support. Below, the 200-day moving average would be a defensive line just ahead of July 23 lows at 4.800.

Sugar tests the 0.1200 area

Prices of Sugar daily chart July 29

Sugar is resuming its uptrend on Monday as the unit is retaking levels above 0.1200 for the second time in the last three trading sessions. Sugar is currently trading at 0.1195, 0.83% positive on the day.

In the case sugar breaks above the 0.1200 area, it will face next resistances at the 200-day moving average at 0.1230 and then, 0.1240 and the 0.1260 critical level.

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