MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

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CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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(H3) Resistance Remains Intact - For Now

CORN TECHS
  • RES 4: $768.50 - High May 16 and a key resistance
  • RES 3: $753.00 - High Jul 17 and a key resistance
  • RES 2: $711.75/721.38 - High Oct 10 / 76.4% May 16-Jul 22 bear leg
  • RES 1: $688.75 - High Jan 18
  • PRICE: $672.50 @ 12:05 GMT Feb 16
  • SUP 1: $648.25 - Low Jan 10 and key short-term support
  • SUP 2: $635.00 - Low Dec 7 and the bear trigger
  • SUP 3: $623.38 - 61.8% of the Jul 22 - Oct 10 bull cycle
  • SUP 4: $611.50 - Low Aug 18

Corn futures are consolidating. The contract has recently pierced resistance at 685.00, the Dec 30 high. A clear break of this hurdle would strengthen the case for bulls and signal scope for a climb towards the $700.00 handle and $711.75, the Oct 10 high and a key resistance. On the downside, key short-term support has been defined at $648.25, the Jan 10 low, where a break would instead reinstate the recent bearish theme.

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