Brent crude oil, Chicago wheat slide while orange juice futures rally.
Outlook on Brent crude oil, Chicago wheat and orange juice as US dollar tries to regain recently lost ground.
Brent crude oil price drops on large US build
Brent crude oil has resumed its descent as EIA data showed larger-than-expected inventories and China new home prices fell for the fourth month in a row. The psychological $80 per barrel mark and last week’s trough at $79.18 are thus back in focus. While this week’s high at $83.79 caps, the recent $79.18 low is likely to be slipped through in which case the May high at $78.52 would be in focus. Resistance can be spotted between the August lows and the 200-day simple moving average (SMA) at $81.68 to $82.31 ahead of the $83.12 October low.
Chicago Wheat prices slip through uptrend line
Chicago Wheat prices, which last week rose to $617 on reports that a shipping vessel was struck by a missile upon entering the port of Odessa in Ukraine, are now trading back below the 55-day simple moving average (SMA) at $591.58 and have slid through their September-to-November uptrend line at $586.60. The mid-September and late October lows at $575.00 are thus back in sight. If fallen through, the late September trough at $552 would be back in play as well.
Orange juice futures approach the $400 mark
Front month orange juice futures are heading back up towards their psychological $400 per 15,000 Lbs. mark, as inclement weather and the spread of citrus greening, a bacterial disease transmitted by the Asian citrus psyllid insect, continues to affect top producers Florida, Brazil and Mexico. A rise above the psychological $400 mark would put the all-time high at $416.34 back on the cards. Minor support can be spotted at Wednesday’s $385.44 to $384.04 price gap and around the $377.43 mid-October high.
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