Capesize

17950

Sep-17
0.00 0.00%

Panamax

11175

Sep-17
225.00 2.05%

Iron Ore

76.5

Sep-17
0.85 1.12%

Sing 380

278.25

Oct-17

Coking Coal

208

Sep-17
0.00 0.00%

Nola Urea

212.5

Sep-17
0.00 0.00%

FIS Technical – Grains And Ferts


FIS Technical – Grains And Ferts

It is difficult to find much bullish news in any of our markets.

Soy is trading at 13 month lows and though technically and fundamentally still in bearish territory, sellers may be reluctant to commit to shorts as we move into the growing season.

Corn has a slightly more friendly technical profile and the first crop condition ratings were disappointing, but the weight of US and global stocks is still likely to cap rallies in the medium term.

Wheat is technically bearish and we are starting the major North African import season with the Black Sea as the favoured origin for Egypt. Global stocks remain high but many analysts highlight the large percentage of those stocks sitting in China, meaning we should focus more on the yield prospects and stock numbers in the main exporting countries as we move through the season.

NOLA urea is static and there is little to add to last week’s comments on a technical or fundamental level. Nearby physical NOLA is making new long term (12 year) lows meaning sellers have limited conviction but most traders across all markets are struggling to make a robust case for a rally.

Technically, AG prices bounced slightly but we need to see follow – through to confirm a technically bullish trend.

soy 1-6-17

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