Brent crude oil, corn and soybeans slide on risk-off sentiment
Outlook on Brent crude oil, corn and soybeans amid a negative start to the new year.
Brent crude oil on track for fifth straight day of losses
Brent crude oil futures continue to slide for a fifth straight day amid increasing global supply, especially from non-OPEC producers, and an uncertain demand outlook.
The 7 December low at 73.69 represents the next downside target ahead of the 72.50 December low.
Resistance above Wednesday’s intraday high at 76.17 can be found at the 76.67 mid-November low. While no rise above Tuesday’s high at 79.03 is seen, the medium-term trend remains bearish.
Corn trades in three-year low
Front month corn futures are on track for their fourth straight week of falls and by slipping through their 471 November low are trading in three-year lows.
The June 2019 peak at 466.7 represents the next downside target ahead of the 460.1 July 2019 high.
Strong resistance can be seen between the 471 to 476 July to November lows and minor resistance at the mid-December low at 480.
Soybeans drop towards October low
Front month soybean futures gapped lower on the first day of trading of 2024 and are fast approaching their 1,268 October low which may offer at least interim support.
Were it to give way though, the June low at 1,257 would be next in line.
Minor resistance above Wednesday’s 1,276 intraday high can be seen at the December-to-January 1290.8 to 1,297.4 price gap.
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