{"id":128743,"date":"2018-06-20T09:44:00","date_gmt":"2018-06-20T13:44:00","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=128743"},"modified":"2018-06-20T07:28:02","modified_gmt":"2018-06-20T11:28:02","slug":"corn-technical-analysis-lower-expected-chinese-import-bearish-for-corn-prices","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/corn-technical-analysis-lower-expected-chinese-import-bearish-for-corn-prices\/","title":{"rendered":"CORN: Technical Analysis &#8211; Lower expected Chinese import bearish for corn prices"},"content":{"rendered":"<div id=\"inves-1526045929\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 20, 2018<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\" rel=\"noopener\">IFCMarkets<\/a><\/p>\n<p><strong>Lower expected Chinese import bearish for corn prices<\/strong><\/p>\n<blockquote><p>Lower Chinese imports after the country imposed retaliatory tariffs on US goods imports is bearish for corn. Will <a href=\"https:\/\/www.ifcmarkets.com\/en\/market-data\/corn\">corn prices<\/a> continue the decline?<\/p><\/blockquote>\n<p>The US Department of Agriculture&#8217;s WASDE report last week was bullish for corn: the USDA lowered its beginning and ending stocks estimates due to stronger corn export demand and ethanol usage. However with no adverse weather forecasts for US Corn Belt to provide additional support, corn prices were falling after China imposed retaliatory tariffs on US goods, including corn, following the announcement of US tariffs Friday. China\u2019s corn imports from the US hit 757,000 tons last year totaling $160 million, up almost 240%. If China doesn\u2019t revoke its tariffs after President Trump threatened 10% tariffs on additional $200 billion Chinese imports if China doesn\u2019t revoke its $50 billion retaliatory tariffs on US imports. Lower export demand is bearish for corn.<br \/>\nSoybean stocks could hold steady with 2017\/18. Ahead of Thursday\u2019s USDA WASDE report, analysts expect the agency to show 2017\/18 soybean world ending stocks at 3.299 billion bushels (down 36.7 million bushels from April), and 2018\/19 world ending stocks at 3.351 billion bushels.<\/p>\n<p style=\"text-align: center; margin-bottom: 20px; margin-top: 20px;\"><img decoding=\"async\" style=\"float: none;\" src=\"https:\/\/ifccd.net\/uploads\/image\/Corn_O_20June2018.png\" alt=\"Corn price\" width=\"660px\" \/><\/p>\n<p class=\"emailSummary\">On the daily timeframe the <b>CORN: D1 <\/b> has been trading with negative bias after hitting two-year high in mid-May. It has fallen below the 200-day moving average MA(200) which is leveling off.<\/p>\n<ul class=\"emailSummary\">\n<li>The <b>Donchian channel <\/b> indicates downtrend: it is tilted lower.<\/li>\n<li>The <a href=\"https:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/parabolic\">Parabolic indicator<\/a> has formed a sell signal.<\/li>\n<li>The <a href=\"https:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/MACD\">MACD indicator <\/a> is below the signal line and the gap is widening, which is bearish.<\/li>\n<li>The <a href=\"https:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/stochastic\"> stochastic oscillator <\/a> is rising from the oversold zone, this is a bullish signal.<\/li>\n<\/ul>\n<p>We believe the bearish momentum will continue after the price breaches below the lower boundary of Donchian channel at 346.70. This level can be used as an entry point for placing a pending order to sell. The stop loss can be placed above last fractal high at 392.20. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the probable profit\/loss ratio to the breakeven point. If the price meets the stop loss level (392.20) without reaching the order (346.70), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.<\/p>\n<h2 class=\"emailSummary\" style=\"margin-top: 15px !important;\">Technical Analysis Summary<\/h2>\n<table style=\"border: solid 1px black;\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Position<\/b><\/td>\n<td align=\"left\" valign=\"top\">Sell<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Sell stop<\/b><\/td>\n<td align=\"left\" valign=\"top\">Below 346.70<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Stop loss<\/b><\/td>\n<td align=\"left\" valign=\"top\">Above 392.20<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Market Analysis provided by <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\" rel=\"noopener\">IFCMarkets<\/a><\/p><div id=\"inves-2565200854\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By IFCMarkets Lower expected Chinese import bearish for corn prices Lower Chinese imports after the country imposed retaliatory tariffs on US goods imports is bearish for corn. Will corn prices continue the decline? The US Department of Agriculture&#8217;s WASDE report last week was bullish for corn: the USDA lowered its beginning and ending stocks estimates [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-128743","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=128743"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128743\/revisions"}],"predecessor-version":[{"id":128765,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128743\/revisions\/128765"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=128743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=128743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=128743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}