FIS Technical – Grains And Ferts
SOY – Technically bullish but needs to mean revert. Downside moves that hold above USD 980 and produce bullish candles should attract technical support. Sellers need to see the gap closed.
Corn – A potential bearish pattern is forming on the daily chart suggesting mean reversion. However the breakaway gap needs to be filled and until it is sellers should remain cautious.
Wheat – Like the rest of the Aggs market the bullish gaps are stopping short term sellers looking to take advantage of the mean reversal.
NOLA – Market shorts should be cautious above USD 172.5. A new low would confirm a bullish divergence making this a dangerous sell.
Urea (gran) FOB Middle East –On support at USD 180 with a bullish divergence. Caution on pricing above USD 204.5 as this could attract short covering.