Oil price rises while Chicago wheat stays side-lined and soybean prices drop to 2 ¼ year low
Outlook on Brent crude oil, Chicago wheat and soybean futures amid a weakening US dollar.
Brent crude oil price on track for third day of gains
The Brent crude oil price drop from its late January 83.93 high on the front month futures contract to Monday’s 76.59 near three-week low has been followed by a rise towards the minor psychological 80.00 mark as traders mull over the demand/supply outlook. Further up the mid-January 80.53 high may be reached as well. Minor support can be seen along the 55-day simple moving average (SMA) at 78.60.
Chicago Wheat prices remain side-lined
Chicago wheat front month futures continue to range trade, mostly below the 55-day simple moving average (SMA) at 608.98. A rise above it and 611.3 high would likely lead to the December-to-February downtrend line at 613.6 and Wednesday’s 613.9 high being reached as well. If bettered, the late January high and the 200-day SMA at 623.3 to 625.96 could be reached as well. Minor support sits at the late January and Monday’s 594.0 to 592.1 lows ahead of the November-to-February uptrend line at 590.
Soybeans trade in 2 ¼ year lows
Front month soybean futures trade in 2 ¼ year lows, having so far hit 1,186, close to the November 2021 low at 1,184. A fall through this level would probably lead to the late November 2020 low at 1,143 being eyed. Downside pressure should be maintained while the December-to-February downtrend line at 1,207 caps with Tuesday’s 1,211 high. Above it further resistance can be made out at last Wednesday’s 1,229 high. Still further resistance can be found at the 25 January 1,250 high.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
