by Duane Lowry
Friday, August 24, 2012
SUNRISE OUTLOOK OVERVIEW:
*At 6:43 am> Grain/Soy Snapshots: Corn= 4 1/2 higher, Wheat= 7 1/2 higher, Soybeans= 16 1/4 higher.
*Where are we for the WEEK? Dec Wheat= up 1/4 cent; Dec Corn= up 7 1/2 cents; Nov Soybeans= up 69 1/4 cents; Dec Soymeal= up $15.40; Dec Soyoil= up 103 points; Crude Oil= down $0.05; US $ Index= down 131; Gold= up $53.40; Dow Index= down 208.
Day Session Expectations vs Night Session Tone:
Dec Corn: Support= $?, Resistance= $?
Nov Soybeans: Support= $?, Resistance= $?
Dec Wheat: Support= $?, Resistance= $?
Outside Market Influences:
At 6:41 am> Price Snapshots: Crude was down $0.69, Gold was down $6.40, Dow Index was down 13 and the US $ was up 27.
*Global stimulus hopes remain the bulls' primary talking point.
Weather is similar to yesterday. Moisture will improve conditions in the southern Plains. The Midwest will also see moisture increase through parts of the region during the next several days.
Wheat could expand upon the overnight corrective strength efforts. News is limited. US Plains moisture conditions are improving. Overall conditions will increase selling interest if values test this week's highs.
Corn experienced decent corrective efforts overnight, after yesterday's downside rout. Trader sentiment remains universally bullish. Short-term efforts to recover more of yesterday's losses could unfold today. New news is limited. Weakness below yesterday's lows has potential of expanding profit-protecting strategy efforts. Overall conditions warn of downside vulnerability.
Soybeans recovered all of yesterday's losses during the night session. New news is limited. Some acres may benefit from moisture moving through the Midwest during the next several days. Trade below yesterday's lows will trigger some unease among short-term bulls.
In summary, trader sentiment remains bullish and traders are encouraged by the overnight trade efforts to neutralize the impact of yesterday's weakness. News is limited. Technical conditions warn of notable downside risk.
Barge Values: August= +30 U
CZ: Support= 7.90, Resistance= 8.25-35
**PROFILE: Dec Corn> Price action during the past month has been finalizing/distribution activity. Conditions warn of downside vulnerability during the next several weeks.
Barge Values: August= +105 X
SX: Support= 16.65, Resistance= 17.45-50
SMZ: Support= 500, Resistance= 520-25
BOZ: Support= 54.00, Resistance= 57.00
**PROFILE: Nov Soybeans> Trade below yesterday's lows will trigger profit-taking stances. IN SUMMARY, plenty of tech-based reasons to question sustainability of recent gains.
Barge SRW Values: August= +30 U
WZ: Support= 8.75, Resistance= 9.10-15
**PROFILE: Chicago December Wheat> Significant downside risk.
GLOBAL HIGHLIGHTS & HEADLINES:.
This newsletter is prepared from information believed to be reliable. Early Market News, Inc. does not guarantee that such information is accurate or complete and it should not be relied upon as such. Opinions expressed are subject to change without notice.