MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

MNI: EUROZONE JUNE CONSTRUCTION PMI 41.8; MAY 42.9

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

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

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(H4) Trend Structure Remains Bearish

CORN TECHS
  • RES 4: $535.25 - High Aug 2
  • RES 3: $521.50 - High Oct 20 and the reversal trigger
  • RES 2: $493.75 - High Dec 6
  • RES 1: $481.00 - High Dec 26 and key short-term resistance
  • PRICE: $439.25 @ 14:48 GMT Jan 29
  • SUP 1: $436.75 - Low Jan 18
  • SUP 2: $405.69 - 1.236 proj of the Jun 21 - Jul 13 - Jul 24 price swing
  • SUP 3: $400.00 - Psychological round number
  • SUP 4: $384.75 - 1.382 proj of the Jun 21 - Jul 13 - Jul 24 price swing

A bearish outlook in Corn futures remains intact and the latest round of fresh trend lows reinforce current bearish conditions. The move lower maintains the price sequence of lower lows and lower highs. Scope is seen for an extension to $405.69, a Fibonacci projection. On the upside, key short-term resistance has been defined at $481.00, the Dec 26 high. A break of this level would instead signal a possible base.

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