HeadlinesChina buys more Soybeans July 8 (Reuters) - China bought at least five more cargoes of U.S. soybeans overnight, traders said on Wednesday, as Beijing steps up purchases to meet a White House-announced target of 25 million metric tons of U.S. beans annually. State grain trader COFCO bought the cargoes for September and October shipment at around $2.70-$2.80 per bushel over November Chicago Board of Trade soybean futures SX26, three Asian traders told Reuters. The purchases follow recent U.S.-China trade talks, after which the White House said Beijing had committed to buying 25 million tons of U.S. soybeans a year, along with another $17 billion worth of other U.S. agricultural goods. COFCO did not immediately respond to a request for comment. Reuters reported on Monday that COFCO had bought at least five cargoes, or about 300,000 metric tons, of U.S. soybeans for shipment between September and November, citing traders. "Ceasefire" OVER! July 8 (Reuters) - Oil prices jumped more than 6% on Wednesday, hitting a two-week high after U.S. President Donald Trump said the memorandum of understanding to end the conflict with Iran was "over", renewing fears of disruptions to Middle East oil supplies. Yield & Production Estimates for Friday's USDA Report December Corn December corn futures saw follow through buying which took prices to their highest level in over a month. In the overnight trade, prices came within 1/4 of a cent of our 4-star (the most significant) resistance pocket, 466-469. This price pocket contains several indicators including the 50 and 200 day moving averages, 50% retracement from the recent high to low, the breakdown point from June 2nd and 3rd, as well as previously important price points dating back to last Fall. If you've been Bullish and long this market, this is a spot to consider reducing or hedging exposure. If you're Bearish, this is a spot to consider expressing that opinion. Technical Levels of Importance (December futures)
November Soybeans Just like that, soybeans are back at the psychologically significant 1200 level. Above here and you're looking at 1207 1/2 and the contract high from May 13th, 1214. If China continues to show up with additional purchases, a breakout would not be out of the question. If forecasts stay hot and dry for key areas, that would add fuel to the fire. If that's your thesis, you need to protect where that could go wrong, which is if neither of those happen. Playing defense against a long physical/paper position from what are basically the highs of the year is not the same as being bearish or short. Technical Levels of Importance (November futures)
December Chicago WheatDecember Chicago wheat futures are knocking on the door of the June highs and the 50-day moving average, which helps define our 4-star resistance pocket, 642-646 1/2. If the market can chew through and close above this pocket, it opens the door for additional technical momentum via short covering. With that said, if you've enjoyed a nice 40ish cent rally, this is the spot to consider reducing or hedging against. Technical Levels of Importance
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