MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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(K1) Softer Within The Range

CORN TECHS
  • RES 4: $620.50 - 1.00 proj of Dec 7 - Jan 13 rally from Jan 25 low
  • RES 3: $590.75 - 0.764 proj of Dec 7 - Jan 13 rally from Jan 25 low
  • RES 2: $572.00 - High Feb and 50% of the 2012-20 downleg (cont)
  • RES 1: $559.25 - High Feb 23
  • PRICE: $538.75 @ 13:44 GMT Mar 31
  • SUP 1: $529.25 - Low Mar 4
  • SUP 2: $523.25 - Low Feb 11 and key near-term support
  • SUP 3: $510.50 - Low Jan 26
  • SUP 4: $494.50 - Low Jan 25 and key support

Corn futures are trading lower bit in its recently established range. On Feb 9, the contract touched a $572.00 high which coincides with 50% of the 2012 - 2020 downleg. $572.00 is the bull trigger, a break would resume the uptrend and extend the bullish price sequence of higher highs and higher lows. This would open $590.75, a Fibonacci projection. Initial trend support is $523.25, Feb 11 low. A break is required to signal a deeper pullback.

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