Grains Post Gains on the Week Ahead of the WASDE ReportThe market is inside profit taking and repositioning ahead of the WASDE report that will be released Monday. Experts are anticipating progress in crops, and more bushels per acre than the reported previously by the WASDE.
Grains such as soybean, corn, and wheat are trading positive on Friday, thought off highs and fighting to maintain the green numbers. On the week, grains are posting gains after three negative periods.
The market is inside profit taking and repositioning ahead of the WASDE report that will be released Monday. Experts are anticipating progress in crops, and more bushels per acre than the reported previously by the WASDE.
Soybeans ready to close its first positive week in a month
Soybeans traded positive earlier on the day as it jumped to 8.78 in the US opening bell; however, the grain started to sell positions, and it lost almost all its previous gains. That being said, the oilseed remains positive on the day.
Currently, Soybean prices are moving t 8.72, 0.20% positive on the day. Technical conditions suggest more gains but be aware of profit-taking movements ahead of the weekend.
Also, think that investors are optimistic regarding the WASDE report that will be released on Monday.
On the weekly chart, futures of soybean are ready to close its first positive week in the last four. After finding support earlier in the week at 8.44, the unit traded higher to current levels, which means a 1.90% weekly gain.
Corn back above 4.10, but it needs a weekly close above 4.12
Corn jumped to $4.17 per bushel earlier in the day, but the unit was unable to sustain gains, and it is now trading positive just above the 4.10 area. The grain traded to the upside amid weather conditions but no improvement in the quality of grains.
However, corn declined amid profit-taking and repositioning ahead of the WASDE report. Currently, prices are moving at 4.10, almost flat on the day.
On the week, corn is performing a decent recovery of 2.75% in the last five days, however, comparing with the previous three weeks, the advance has been minimum. The good news is that corn has broken back above the 4.08 resistance. It now needs a weekly close above 4.12 to build up the upside case better.
Wheat logs third day of gains to close the first week of gains in four
Wheat is trading positive for the third day on Friday as the unit extended advances from intra-week lows at 4.745 on August 7 to test levels above the 5.00 price. However, profit-taking ahead of the weekend sent the unit down.
Currently, wheat is trading at 4.95, just 0.16% positive on the day. Technical conditions, however, remain positive, and studies suggest more room for the upside. The frontier is right now at 5.05 per bushel.
On the weekly chart, corn is ready to close with gains for the first time since the July 8 week. This time, the unit is posting 2.0% plus gains with the unit testing the 5.00 area.
Technical conditions in the weekly chart are mixed and signaling sideways in the next periods.