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

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

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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(N1) Uptrend Extends

SOY TECHS
  • RES 4: $1555.38 - 76.4% of the 2012 - 2019 downleg (cont)
  • RES 3: $1528.44 - 1.618 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 2: $1517.44 - 1.50 proj of Mar 31 - Apr 1 - Apr 12 price swing
  • RES 1: $1504.50 - Intraday high
  • PRICE: $1493.50 @ 13:21 BST Apr 22
  • SUP 1: $1416.19 - 20-day EMA
  • SUP 2: $1374.75 - Low Apr 12 and 13 low and key near-term support
  • SUP 3: $1355.00 - Low Mar 31
  • SUP 4: $1321.25 - Low Feb 11

Soybean futures maintain a firmer tone and continue to trade higher, probing $1500.00 today. The break to new highs this week confirms a resumption of the underlying uptrend. Bullish conditions are also supported by a positive MA set-up and the move higher sets the scene for a climb towards $1555.38 (cont), 76.4% of the major downleg between 2012 - 2019. Key trend support has been defined at $1374.75, the Apr 12 and 13 low.

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