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​​Brent crude oil, corn and soybeans slide on risk-off sentiment

​​Outlook on Brent crude oil, corn and soybeans amid a negative start to the new year.​

Crude oil Source: Bloomberg

​​​Brent crude oil on track for fifth straight day of losses

​​Brent crude oil futures continue to slide for a fifth straight day amid increasing global supply, especially from non-OPEC producers, and an uncertain demand outlook.

​The 7 December low at 73.69 represents the next downside target ahead of the 72.50 December low.

​Resistance above Wednesday’s intraday high at 76.17 can be found at the 76.67 mid-November low. While no rise above Tuesday’s high at 79.03 is seen, the medium-term trend remains bearish.

Brent crude daily chart Source: IT-Finance.com
Brent crude daily chart Source: IT-Finance.com

​Corn trades in three-year low

​Front month corn futures are on track for their fourth straight week of falls and by slipping through their 471 November low are trading in three-year lows.

​The June 2019 peak at 466.7 represents the next downside target ahead of the 460.1 July 2019 high.

​Strong resistance can be seen between the 471 to 476 July to November lows and minor resistance at the mid-December low at 480.

Corn daily chart Source: IT-Finance.com
Corn daily chart Source: IT-Finance.com

​Soybeans drop towards October low

​Front month soybean futures gapped lower on the first day of trading of 2024 and are fast approaching their 1,268 October low which may offer at least interim support.

​Were it to give way though, the June low at 1,257 would be next in line.

​Minor resistance above Wednesday’s 1,276 intraday high can be seen at the December-to-January 1290.8 to 1,297.4 price gap.

Soybeans daily chart Source: IT-Finance.com
Soybeans daily chart Source: IT-Finance.com

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