FIS Technical – Grains And Ferts
Corn remains a lackluster affair and will likely remain so until some clearer ideas on yields emerge in the coming weeks.
Wheat is showing signs of bottoming in physical and futures markets ( September does often post market lows). Australia has issues and Argentine acreages are likely to be lower, but it does not take too much of a rally in US phsycail or futures markets to remove them from most destinations.
Soybeans retain some underlying support from healthy Chinese demand and a less predictable US harvest final yield data because we are only at the start of the harvest. Technically, the market looks reasonably well supported for the moment, though there looks like strong resistence around $10.
Urea is looking strong technically but retains the capacity to gap hard in either direction this week once we get final Indian tender results in the next couple of days.