Brent crude oil remains bid while wheat and orange juice prices struggle
Outlook on Brent crude oil, Chicago wheat and orange juice as U.S. dollar falls out of bed.
Brent crude oil prices trade in near three-month highs
Brent crude oil’s advance on the back of total OPEC+ output cuts of nearly 5.2 million barrels per day until the end of August has taken it to levels last traded in early May with the late April high at $80.49 being within reach. Further up beckons the 200-day simple moving average (SMA) at $82.41. Minor support may come in around Tuesday’s $79.36 high and at Wednesday’s $79.06 low.
Chicago Wheat prices remain under pressure
Chicago Wheat’s swift decline from its four-month June high at $7.70 as the weather in the U.S. has improved has taken it so far to the current July low at $6.27, to below its early July trough at $6.42. The early June low at $6.20 may soon also be reached ahead of the psychological $6.00 region. Resistance above $6.42 is seen along the 55-day simple moving average (SMA) at $6.49.
Orange juice struggles at resistance
Front month orange juice futures have been unsuccessfully trying to break trough a resistance zone over the past four consecutive days despite a rapidly falling dollar and other commodities surging higher due to this. Orange juice futures so far reached $2.7152, a daily chart close above which is needed for the early June high at $2.7546 to be reached next. While the price of orange juice remains capped, a slip back towards Wednesday’s low and the 55-day simple moving average (SMA) at $2.6398 to $2.6233 remains at hand.
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