Brent crude oil slips to six-month low while wheat slips and sugar recovers
Outlook on Brent crude oil, Chicago wheat and sugar ahead of key central bank meetings.
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Brent crude oil tumbles to near six-month low
Brent crude oil futures dropped to a near six-month low at 72.50 while on their way to the late June low at 71.85. Minor resistance lies at the 76.67 to 76.74 Tuesday high and mid-November low.
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Chicago Wheat comes off technical resistance
Chicago wheat front month futures have come off their 200-day simple moving average (SMA) at 639.92 and range trade below it. A rise above last week’s high at 650.40 may still happen, though, with the 7 August high at 679.70 then being in focus. Strong support below Monday’s 609.10 low comes in along the 55-day simple moving average (SMA) at 592.99.
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Sugar #11 recovers from nine-month low
Front month sugar futures prices plummeted over the past couple of weeks as supply concerns ease, dropping to 21.11, a nine-month low. Short-covering following the recent 22% drop is currently taking place but Thursday’s low at 22.52 may act as resistance. Further resistance is seen around the 23.30 August low. Minor support lies at the 21.89 June low ahead of Tuesday’s 21.11 trough.
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