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LONDON–world food prices rose in february, after three straight months of falls, as the prices among cereals and dairy products rose, the food and agriculture organization of the united nations said thursday.

The FAO’s food-price index increased by 1.1% last month from january. Despite the early year rise, average food prices were still 2.7% lower than they were in the same month last year, the report said.

The cereal-price index climbed 2.5% from january, with prices “underpinned by a brisk trade activity and concerns over unfavourable weather adversely affecting the U.S. Winter wheat and argentina’s maize growing regions,” the U.N. Body’s report said.

Dairy prices gained 6.2%, the FAO said, with strong import demand and lower-than-expected output from new zealand partly responsible, the report said.Analysis trends

The price of vegetable oil slumped a further 3.1% on the month, hitting a 19-month low.

Most vegetable-oil prices dropped given growing expectations of a global surplus this year. Higher-than-expected palm oil inventories in malaysia and indonesia also continued to weigh on prices, the report said.

Sugar prices were also weaker, dropping 3.4% on the month, hitting their lowest level in two years. Widespread expectations of production surpluses in thailand and india added to concerns of gluts in russia, china and the european union.

Meat prices stayed the same from january, and were 5% lower on year, with more expensive bovine meat being balanced by cheaper poultry and pig-meat quotations.

General comments chicago winter wheat markets were higher and minneapolis closed mostly a little higher.Objectives support la nina conditions are still affecting the production potential for hard red winter areas. The market is noting dry conditions in western kansas and other parts of the western great plains and the la nina winter weather forecast. A drought remains in the region and has become serious. A large part of the HRW crop is still rated in poor to very poor condition. Minneapolis prices remain weaker in part on high canadian production and in part on ideas of increased planted area for spring wheat in the US this coming season. Black sea prices remain firm due to currency considerations and some logistical problems in russia. Russia and europe are getting some very cold weather now and some traders expect to hear reports of winterkill and production losses from both areas this week.Analysis trends the weekly charts show that both winter wheat markets and minneapolis spring wheat markets remain in sideways trends.

Overnight news: the southern great plains should get mostly dry weather, but some precipitation is possible on sunday. Temperatures should be above normal. Northern areas should see mostly dry weather, but some precipitation on friday and saturday. Temperatures should be near to below normal. The canadian prairies should see mostly dry weather, but light precipitation is possible in southern areas on friday. Temperatures should average mostly below normal.

Chart analysis: trends in chicago are up with objectives of 501 and 523 may. Support is at 493, 479, and 474 may, with resistance at 505, 508, and 516 may.Chart analysis trends trends in kansas city are up with objectives of 554 may. Support is at 517, 504, and 498 may, with resistance at 528, 531, and 538 may. Trends in minneapolis are mixed. Support is at 615, 608, and 596 may, and resistance is at 625, 634, and 640 may.

RICE: rice closed sharply higher yesterday as iraq tendered for US rice. The price action suggests that iraq bought and that the only question i show much was purchased. A purchase by iraq would be interesting as US prices were reported to be generally higher than those of the competition. Trends turned up on the daily charts. Cash market bids remain generally strong amid tight supplies. Reports indicate that texas producers are about sold out for the marketing year.Analysis trends reports indicate that there is a limited amount of rice still owned by farmers in the state, so commercials are raising bids to try to buy what is left. Limited amounts of rice are reported to be owned by farmers in louisiana and mississippi as well. The amount of rice still owned by farmers in arkansas and missouri is less clear, but the cash market indicates tight conditions.

Chart analysis: trends are up with objectives of 1265 and 1305 may. Support is at 1250, 1243, and 1226 may, with resistance at 1265, 1270, and 1275 may.

General comment:s corn closed higher on strong demand ideas and increasing basis levels at the gulf of mexico and in some interior locations. Some buy stops were touched off as futures moved to the highest level seen in about six months.Objectives support ideas are that corn was mostly following wheat and soybeans, but corn is a demand market with reasons to move higher once the producer selling was completed. Oats were slightly higher. Corn remains mostly a demand market. The weekly export sales report was strong. Ethanol demand also remains very strong. Ethanol production for the week was 1.044 million barrels per day, down about 2% from the previous week, but slightly higher than last year. Total production was 7.308 million barrels, up about 1% from the previous week and down slightly from the previous year. Cumulative corn demand for the marketing year is now 2.83 billion bushels. More demand is also possible due to the problems in south america due to the weather.Objectives support brazil is not offering corn and appears to be sold out, while argentina is struggling with dry weather problems of its own that are being caused by la nina. Brazil has been too wet in central and northern areas to get the corn planted well. US farmers have reportedly sold a lot of corn on the rally as they have held the corn in farm storage for too long. These sales might be less now that the market is moving higher.

Chart analysis: trends in corn are up with objectives of 407 and 445 may. Support is at 379, 375, and 372 may, and resistance is at 389, 393, and 395 may. Trends in oats are mixed. Support is at 267, 264, and 257 may, and resistance is at 274, 279, and 281 may.

General comments: soybeans and soybean meal were higher and soybean oil was lower.Objectives support the leader was soybean meal as the trade expects new business from countries that normally buy from argentina. Soybean meal moved to new highs, but faded from these highs in the second part of the day. Futures prices remain supported due to high prices in south america that have come from the drought in argentina. More dry weather now in the forecast implies that soybeans production losses will be significant. Production ideas are dropping by the day due to the weather related losses. Basis levels at the gulf of mexico have been strong and are getting stronger. Stronger domestic demand has helped support soybeans and soybean meal. Ideas that soybeans production in argentina are still suffering from dry weather are still support prices in the market, but production estimates for brazil remain high at near 114 million tons.Analysis trends some talk of brazil production at or above 117 million tons. There has been too much rain in central and northern brazil and crop losses are possible. The amount of potential loss has been subject to debate and there is no clear trade consensus on the loss potential. Argentine production estimates now range from 45 to 50 million tons, from closer to 55 million at the start of the growing season. Forecasts are drier again, with argentina likely to be the most hurt by hot and dry conditions.

Chart analysis: trends in soybeans are mixed to up with objectives of 1065, 1070, and 1090 may. Support is at 1044, 1037, and 1030 may, and resistance is at 1060, 1072, and 1084 may. Trends in soybean meal are up with objectives of 402.00 and 419.00 may.Analysis trends support is at 390.00, 388.00, and 381.00 may, and resistance is at 400.00, 403.00, and 406.00 may. Trends in soybean oil are mixed to up with objectives of 3310 may. Support is at 3220, 3200, and 3160 may, with resistance at 3300, 3350, and 3380 may.

General comments: canola was higher, with weakness in the canadian dollar supporting prices. Charts still show an up trend. The market is watching brazil and argentina and vegetable oils markets worldwide. Farmers are selling in moderate amounts. Palm oil was a little lower in line with weakness in chicago. Demand is holding strong and production is in a seasonal decline.

Chart analysis: trends in canola are up with objectives of 532.00 may. Support is at 519.00, 515.00, and 510.00 may, with resistance at 526.00, 529.00, and 532.00 may.Chart analysis trends in palm oil are mixed to up with objectives of 2660 and 2770 may. Support is at 2540, 2480, and 2450 may, with resistance at 2570, 2590, and 2620 may.

Prices are quoted in U.S. Dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a malaysian measurement equivalent to 60 kilograms.

Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment.Objectives support before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The price futures group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.Chart analysis reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2018

He has been quoted by most major wire services including dow jones, AP, and reuters. His comments have also appeared in newspapers around the world and on various radio and television shows.

Jack offers a dedicated and high quality service for his clients. His industry contacts in south america, europe, asia, and north america provide him with a unique view of the markets. He also uses his own charting program for technical traders.Chart analysis

Jack began working in the futures industry over 30 years ago and spent 10 years working on the floor of the chicago board of trade in various roles. He has been a broker off the floor since then and has been with the PRICE futures group since it was established in 1988.