FIS Technical – Grains And Ferts

FIS Technical – Grains And Ferts

Beans – slightly firmer on the week on the back of some fund short-covering ahead of tomorrow’s USDA report and some drier weather forecasted for the balance of September. With demand solid and a few weeks more weather to get through, there looks to be some upside potential given we remain in a technically constructive zone…provided there is no bearish shock in tomorrow’s report.

Corn – still looks negative technically, however, there are signs we may be seeing some longer term support. Yield debate continues but eh heavy US and global stocks look  likely to maintain a tight fundamental lid on prices.

Wheat – remains very depressed fundamentally and technically.

Urea is still firmly in a bullish technical zone with the 200 day moving average in AG / M.East in play, though, our work suggests it may take a pause for breath between 237 and 240 before making a move towards this target. The normal Indian tender negotiations could well support this short-term assessment.

soy 11-9-17

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