MNI China Daily Summary: Wednesday, December 11

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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) Uptrend Continues to Fade - Modestly

SOY TECHS
  • RES 4: $1600.00 - Round number resistance
  • RES 3: $1580.00 - 1.00 proj of the Jun 22 - Sep 13 - Oct 6 price swing
  • RES 2: $1572.25 - High Jun 9, 2022 and the key resistance
  • RES 1: $1553.25 - High Feb 10 and bull trigger
  • PRICE: $1516.25 @ 12:02 GMT Feb 16
  • SUP 1: $1478.25/1465.00 - Low Jan 25 / Low Jan 5
  • SUP 2: $1412.75 - Low Nov 17
  • SUP 3: $1371.00 - Low Oct 6
  • SUP 4: $1299.00 - Low Jul 22, 2022

The uptrend in Soybean futures continues to fade, albeit at a modest pace. The contract found support recently just below the 50-day EMA and $1478.25, the Jan 25 low, marks a key short-term support. A break of this level would signal scope for a deeper retracement and confirm a breach of the 50-day EMA, at 1496.63. The continuation higher resulted in a break of $1548.50, the Jan 18 high, putting prices on track to test key resistance at 1572.25.

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