Oil price consolidates while Chicago wheat drops through major support and soybeans hold above multi-year low
Outlook on Brent crude oil, Chicago wheat and Soybeans amid a US dollar which has depreciated to a one month low.
Brent crude oil price range trades below three month high
Last week the Brent crude oil front month futures price shot up to 84.24 as hopes of a Gaza cease fire evaporated and OPEC+ announced an extension of its output cuts by for another three months. This high was made close to the 84.58 late November peak. Since then the oil price has been consolidating between the key 84.24 to 84.58 resistance zone and the 200-day simple moving average (SMA) at 82.10. Below it the February-to-March uptrend line at 81.90 may also offer support, were it to be revisited. While the late February low at 80.25 underpins, the medium-term uptrend remains intact.
Chicago Wheat prices falls through major support
Chicago wheat front month futures have fallen through their key 557 to 552 support zone, made up of the September and November lows, and dropped to the 534 September 2020 low. Below it beckon the psychological 500 mark ahead of the March, May and August 2020 lows at 494 to 492. Because of inverse polarity the previous major support zone will now become a key resistance area at 552 to 557.
Soybeans hover above multi-year lows
Front month soybean futures prices fell to 1,130 in late February, to levels last traded in November 2020 before staging a minor recovery which took these to Monday’s 1,167 high before the downtrend resumed. While the December-to-March downtrend line and this week’s high aren’t overcome, further downside pressure should be seen with the late November 2020 low at 1,143 remaining in focus. Resistance above 1,167 can be spotted between the 20 February high at 1,191 and the minor psychological 1,200 region.
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