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Soybeans Traders Brace for Pressure from China

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jul 21, 2009.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    November Soybeans closed sharply lower on Tuesday but continued the base-building formation despite ideal weather conditions and the news that China is getting ready to unleash their ample stockpile onto the domestic market. Ideal weather conditions are helping the December Corn crop while hurting prices. Improving growing conditions for new crop wheat coupled with the lack of harvest delays for the old crop put pressure on December Wheat today

    September Crude Oil closed higher on Tuesday but well off the high as traders pared long positions ahead of the close in anticipation of tomorrow’s Energy Department report. Today’s late session break may have caught traders by surprise because estimates are calling for U.S. crude stockpiles to drop about 2.25 million barrels. Traders expect to see gasoline inventory figures show an increase of about 850,000 barrels tomorrow when the weekly Energy Department supply and demand report is released.

    Despite comments from Fed Chairman Bernanke that once he decides to deploy the exit strategy inflation can be controlled with Fed “tools”, August Gold remained firm throughout the day. The lack of buyers kept the market from moving higher, but sellers never showed up either to break the current upswing.

    Read full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

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