Cool Source of Information
Cool Source of Information
Recently, CBOT soybeans market showed a relatively weak state. After theUnited Statesdetermines to cut the harvest, the market has been the lack of fresh information guidelines. And it is now in the soybean harvest season, the market worried about the influence ofU.S.harvest cut-down will not work as expected. Weather is good for planting of the crop-producing areas inSouth America. According to soybean weekly export in recent weeks, in theUnited States, the data of inspection and squeezing relatively low, show a slight weak signal. However, with rains in August and September, the corn yield is gradually stabilizing. Since this year’sU.S.corn planting earlier, the current harvest rate of 26%, while 8% in the same period last year and the 9% of five-year average.26% has hit a record level in nearly two years. Therefore, good market supply accelerated the decline in corn prices.
In additionally, according to corn futures news in September 28 CBOT Friday ,the price difference surged 40 cents, in the limit closure. The United States Department of Agriculture (USDA) announced, a quarterly inventory report showingU.S.corn stocks by September 1, much lower than the estimated. The market price reacts positively. A USDA corn stock is at 988 million bushels, below the analyst forecast of 1.113 billion bushels. Despite the progress of theU.S.corn harvest is positive, CME group report shows that yields are better than expected, The price of corn is still up.
An agricultural meteorologist said on Friday, theU.S.corn and soybean harvest next week should be rapid progress, a small amount of rainfall will only result in a short-term impact. Indicators key resistance for December corn futures contracts for the 50-day moving average at $ 7.90, the main support for the 100-day moving average at $ 6.86-1 / 2. Nine days Relative Strength Index (RSI) is 48. Indicators December corn futures contract settled up 40 cents to settle at $ 7.56-1 / 4 per bushel. Today CBOT corn futures volume was estimated at 371,870 hands.