GRAINS-Soybeans extend gains on strong exports, wheat stays weak the U.S. Federal Reserve. 11 Mins AgoReuters * Strong U.S. weekly export data showed demand still brisk * Concerns over dryness in Argentina also underpin prices * Pause in dollar rally helps corn steady, wheat still weak (Updates with European trading, changes byline/dateline) PARIS/SINGAPORE, Dec 16 (Reuters) - Chicago soybean futures rose for a second session on Friday as brisk U.S. exports underpinned the oilseed market in the face of expected record U.S. and South American harvests. U.S. corn inched higher, with an easing in the dollar index from a 14-year high helping the cereal to steady following losses on Thursday. Wheat ticked lower, after falling more than 2 percent in the previous session, as the dollar rally clouded the outlook for U.S. exports needed to absorb large inventories. The Chicago Board of Trade most-active soybean contract rose 0.3 percent to $10.32-1/4 a bushel by 1255 GMT. CBOT wheat eased 0.2 percent to $4.08-1/4 a bushel and corn gained 0.3 percent to $3.57-1/2 a bushel. "Soybeans are still bullish despite the U.S. and South American harvests," consultancy Agritel said in a note, stressing the big weekly U.S. export haul. The U.S. Department of Agriculture (USDA) on Thursday reported weekly soybean export sales for 2016/17 delivery of 2.008 million tonnes, up from 1.462 million a week ago and above trade forecasts for 1.1 million-1.5 million tonnes. The USDA also reported a flash sale of 132,000 tonnes of soybeans to China. Background concern about dry conditions in parts of Argentina has also lent support to soybean prices by raising some doubts over current projections for a bumper harvest. The market was watching to see if rainfall forecast in Argentina in the week ahead would help crops. "Parched soils in the south are ... likely to get enough rain to bring about some temporary relief next week," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Not much rain is expected in late December though, so the region could quickly find itself drying down again." The U.S. wheat market has been curbed by the dollar's surge following Wednesday's interest rate rise and the outlook given Exchange rates are being closely watched as almost all leading exporting countries have large inventories to sell, as shown by a range of origins cited as in contention to fill a near 500,000-tonne tender purchase by Algeria this week. Prices at 1255 GMT Last Change Pct Move CBOT wheat 408.25 -1.00 -0.24 CBOT corn 357.50 1.00 0.28 CBOT soy 1032.25 3.25 0.32 Paris MAT wheat Mar 166.75 -0.75 -0.45 Paris CME wheat Mar 0.00 -174.50 -100.00 Paris maize Jan 164.25 -1.25 -0.76 Paris rape Feb 417.75 -2.00 -0.48 WTI crude oil 51.08 0.18 0.35 Euro/dlr 1.04 0.00 0.29 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
Looks like the AG commodities are prepping for a sharp up-move. I've shared one chart of the daily chart of Coffee and a weekly chart. I think this thing is going up and this is the place to get long....or to wait for a pullback.
Looks like coffee got a kick in the teeth similar to grains. Most of the production is South of the border, is it not? There are some early Soybean harvests in Brazil coming up that should give it color. Though, I don't know if they are grown in the same region/climate. It is a big country.
Last month got stopped out positions taken after May 2016, on this correction have taken handful of attempts to add on dailies and couple times on weeklies, hoping last couple trades takes. Just keep taking signals, very boring life.
Ags and softs are the most boring to trade I reckon'. Handle123, imagine trading Class IV or V dry milk futures. WTF. It's just...Who wants to trade Cremora? lol. It's not just about that but...Um. Also Swiss Miss cocoa mix? Sheesh, how much does that demand go up and down in a year? Yet what is going on with coffee beans? Apparently coffee prices are rising, and I can't find a good coffee-bean report.
Once have your Trading Pan in place, get as much of it automated as possible, and just play "Pacman" day after day after day......but much more of staying with current trades and only thrill is rolling over. Actually trade Milk futures, for whatever reason, anything cow/pig related, I like these markets best, so long as a market has decent option volume, I am in. The Open interest in Milk I believe is better than some other markets. Cept the 2 cans of Swiss cocoa I get each winter, don't know much about Marshmallow futures. I never use funnymentals for trading, always factored into price before little people are allowed to know. By far the worst market to trade past 8 years has been Eurodollars, all the short attempts I have taken is paying off, maybe. It is a great market for spread trading and selling options during the waiting.
Handle 123 could you PM regarding automating my strategy? You are a font of knowledge in this area and I have no clue. Thanks in advance