Archive for Soft Commodities

ORANGE: Technical setup bearish for orange price

By IFCMarkets.com

Technical setup bearish for orange price

Florida orange growers experienced a disastrous 2019-20 season with regard to farm prices – average farm prices plummeted 50-56% from average prices in 2018-19. The reasons cited for the drop in orange juice prices include high orange juice inventories held by Florida processors combined with high juice imports and declining orange juice sales at retail outlets. And the technical bias for price is bearish currently. On the other hand, inventories of single-strength, chilled orange juice fell 9.3% through May 30 compared to a year earlier, according to Citrus Department statistics. And single-strength orange juice imports declined by 40% during the same period. Retail orange juice sales rose 1% in the US through April 11. Falling orange juice supply and higher sales are upside risk for orange juice price.

Indicator VALUE Signal
RSI Neutral
MACD Sell
Donchian Channel Neutral
MA(100) Sell
Fractals Sell
Parabolic SAR Sell

 

Summary of technical analysis

Order Sell
Buy stop Below 112.93
Stop loss Above 125.15

Market Analysis provided by IFCMarkets.com

Technical Analysis Feeder Cattle: Rising beef exports bullish for FCATTLE

By IFCMarkets

Rising beef exports bullish for FCATTLE

Last week US Department of Agriculture (USDA) reported export sales of US 2020 beef in the week ended July 23 at 29,500 tons. The sales volume was up 81% from the prior four-week average and a marketing year high. Higher demand for beef as evidenced by exports report is bullish for the FCATTLE. At the same time today USDA will publish data on exports for the week ended July 30, and data showing a reverse trend will be a downside risk for the feeder cattle price.

Indicator VALUE Signal
RSI Neutral
MACD Sell
Donchian Channel Buy
MA(200) Buy
Fractals Buy
Parabolic SAR Buy

 

Summary of technical analysis

Order Buy
Buy stop Above 146.95
Stop loss Below 139.15

Market Analysis provided by IFCMarkets

Global rice exports may decline

By IFCMarkets.com

Global rice exports may decline

The Indian Rice Exporters Association forecasts a decline in rice exports from India by about 100,000 tons per month over the next few months. The main reason for this was the reduction in the number and work time of port workers due to Covid-19. In the East Godavari district of India, where the largest rice marine terminal of Kakinada is located, Covid-19 infects about 1,000 people every day. The Thai Rice Exporters Association lowered its rice export forecast from Thailand in 2020 to 6.5 million tons, the lowest in the last 20 years. From January to June 2020, Thailand exported only 3.14 million tons of rice, which is about a third of what it was last year. Thailand is the world’s leading rice exporter. India ranks second and Vietnam third.

Indicator VALUE Signal
RSI Neutral
MACD Buy
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

 

Summary of technical analysis

Order Buy
Buy stop Above 11.9
Stop loss Below 11

Market Analysis provided by IFCMarkets.com