WTI trades in near five-month low while orange juice and soybean futures slide
Outlook on WTI, orange juice and soybeans amid a recovering US dollar.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/BG_oil_pump_Brent_WTI_gas_flare_23423477888.png/jcr:content/renditions/original-size.webp)
WTI trades near five-month low
Front month WTI futures have now fallen for four straight days and on Tuesday briefly dipped to a five-month low at 72.17 as surging US crude exports raised worries over increased global supply and wrangling by OPEC+ members over future output cuts pushed the oil price down. A fall trough 72.17 seems imminent and would lead to the minor psychological 70.00 mark being eyed. Below it strong support can be spotted between the late May and June lows at 67.13 to 67.12. Minor resistance sits at the mid-July, 22 and 27 November lows at 73.79 to 74.16. While it caps, downside pressure should dominate.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/06122023CL-Daily.png/jcr:content/renditions/original-size.webp)
Orange juice futures drop from record high
Front month orange juice futures are swiftly coming off their November all-time high at 419.22 amid more clement weather and hopes that supply from top producers Florida, Brazil and Mexico will rise. On Tuesday front month orange juice futures gapped lower and slid below the 55-day simple moving average (SMA) at 372.28 with the November trough at 344.18 now being in sight. Failure there on a daily chart closing basis could indicate the formation of a significant long-term top. Resistance can be seen at this week’s 373.10 to 376.58 price gap.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/06122023OJ-Daily.png/jcr:content/renditions/original-size.webp)
Soybeans find interim support
Front month Soybean futures this week fell to a one-month low at 1,308 before trying to stabilize and aiming for the 55-day simple moving average (SMA) at 1,327 which may act as short-term resistance. Further up the one-month downtrend channel resistance line at 1,340 may also act as resistance, if reached at all. A drop through 1,308 would likely engage the late October low at 1,298.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/06122023S-Daily.png/jcr:content/renditions/original-size.webp)
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.