MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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(F2) Consolidation Mode

SOY TECHS
  • RES 4: $1383.75 - High Aug 17
  • RES 3: $1344.00 - High Aug 25
  • RES 2: $1306.75/1317.00 - High Sep 27 / High Sep 16
  • RES 1: $1289.25 - High Nov 17
  • PRICE: $1261.50 @ 13:44 GMT Nov 29
  • SUP 1: $1181.25 - Low Nov 9 and the bear trigger
  • SUP 2: $1149.25 - Low Feb 11
  • SUP 3: $1136.50 - 61.8% of the Apr ‘20 - May ‘21 rally (cont)
  • SUP 4: $1101.25 - 1.382 proj of the Jun 7 - 17 - Jul 1 price swing

Soybean futures have moved back into the recent range. Resistance at $1266.25, Oct 27 high was cleared on Nov 17. The break has eased recent bearish pressure and suggests scope for a stronger short-term corrective recovery. The focus is on $1306.75 next, Sep 27 high. Broader trend conditions remain bearish though. A resumption of weakness would expose the bear trigger at $1181.25.

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