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June 11 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) corn futures traded mixed on Wednesday, with the benchmark contract closing down 0.1%, continuing to be pressured by favorable weather conditions in the Midwest. However, short covering ahead of a major report and stronger crude oil futures provided potential support to the market. Market participants pointed out that widespread rainfall in the US Midwest this week, followed by a brief period of above-average temperatures, helped crop germination and early growth, boosting yield prospects and thus suppressing corn market performance. However, active short covering ahead of the USDAs supply and demand report on Thursday limited the downside potential for prices. The USDA will release its June supply and demand report on Thursday, and Brazils National Supply Company (Conab) will also update its crop production forecast.Japans BSI large non-manufacturing confidence index fell to -0.5 in the second quarter, compared with 4.6 in the previous quarter.On June 11th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Wednesday, with the benchmark contract rising 0.9%. This was the first increase in soybean prices in nine trading days, mainly reflecting active short covering ahead of the USDAs June supply and demand report. The US strike on Iran boosted international crude oil futures, lifting sentiment in the oilseed market. The USDA will release its June supply and demand report on Thursday. According to a Wall Street Journal survey, analysts on average estimate U.S. soybean production for 2026/27 at 4.435 billion bushels, unchanged from May, which, if realized, would be the second highest on record. Analysts on average expect U.S. soybean ending stocks for 2025/26 at 336 million bushels, slightly lower than the 340 million bushels reported in May. The average estimate for new crop ending stocks for 2026/27 is 309 million bushels, slightly lower than the 310 million bushels reported in May. However, favorable weather in the Midwest for early crop growth continues to limit the upside potential for soybean prices.1. Trump: Will discuss giving back to society with leaders in the field of artificial intelligence. 2. Ministry of Industry and Information Technology: By 2028, the coverage rate of metropolitan area computing power with 1ms latency will be no less than 75%. 3. Meta: The company has reached a cooperation agreement with data centers in India that rely on artificial intelligence. 4. TSMC CFO: Does not rule out raising chip prices, but will not suddenly increase four or five times. 5. TSMCs revenue reached NT$416.98 billion in May, and sales in the first five months reached NT$1.96 trillion, a year-on-year increase of 30%. 6. SK Hynix is reportedly planning to list in the US as early as August. 7. US Senator Warren called on the SEC to postpone SpaceXs IPO. 8. Apollo and Blackstone reached a private credit agreement to provide funding for Anthropics growth plan. 9. OpenAI is negotiating a 20-year lease agreement, and Nvidia has discussed providing credit support for the project. Japan bought 197.5 billion yen in foreign bonds in the week ending June 5, compared with a previous weeks net purchase of 184.8 billion yen.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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