MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI BRIEF: Size Of June Cut Still Undecided -BCB's Campos Neto

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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

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

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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(H1) Corrective Cycle

CORN TECHS
  • RES 4: $555.25 - 3.236 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 3: $545.00 - 3.00 proj of Oct 29 - Nov 30 from Dec 2 low
  • RES 2: $541.50 - High Jan 13 and the bull trigger
  • RES 1: $531.50 - High Jan 21
  • PRICE: $500.34 @ 14:30 GMT Jan 25
  • SUP 1: $492.50 - Intraday low
  • SUP 2: $487.25 - Jan 7 low
  • SUP 3: $479.50 - Low Jan 4
  • SUP 4: $463.56 - 50-day EMA

Corn futures traded sharply lower Friday extending the week's sell-off and this has confirmed a top in the trend for now. Furthermore, the pullback also indicates the start of a correction. The trend has been in overbought territory for some time and the pullback is allowing this condition to unwind. An extension lower would open $487.25, Jan 7 low next. On the upside, initial firm resistance is seen at $531.25, Jan 21 low.

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