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Agro Commodities

Global Agro Commodities are also taking a hit recently along with the rest of the commodity pack. Coffee completed 3 waves at the upper end of the channel and can be considered A-B-C meaning more declines. Wheat after a brief rally is again testing long term support levels. Soy did not complete a perfect 5 wave advance though it can fit one in but not perfect. Corn is below its FEB low. Rice is holding on to its previous swing lows so far maintaining its impulsive count. Sugar is holding on for now but in general this is a concern for the Agro space that I followed last year till fresh evidence shows up that we are making a higher bottom in some of the key commodities and not breaking trend. Will post individual observations separately as they develop.

 

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