FIS Technical – Grains And Ferts
Corn remains technically housed in the recent tight range. Harvest is progressing but most think we are unlikely to see a fundamental surprise to pull us out of this range in the short term.
Bean harvest is also warming up, but similar to corn, traders are not anticipating any major surprises. Demand remains solid in beans and focus will shortly switch to Latin American planting. Fundamentally, we may see some nearby harvest pressure but the technical picture is not as negative.
Wheat remains neutral on all fronts.
Urea is showing signs of topping. The India tender is done (we await the next one) and although there is a chance prices could be pulled to new highs, fundamental and technical momentum is not as positive as we have seen.