What to Watch for as we close Q1 2022 & Futures Support and Resistance Levels 3.31.2022
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Coming Up As We Close Q1 2022
By Mark O’Brien
If the war in Ukraine wasn’t disruptive enough for commodity prices, keep an eye out for a few noteworthy potential market movers stacked up over these next two days.
Tomorrow the U.S. Dept. of Agriculture will release its annual Prospective Plantings report. The report establishes acreage estimates for principal crops and leading commodities including
corn,
wheat,
soybeans,
oats and
cotton for the upcoming crop year. The report is serves as a record of the planting intentions of the nation’s farmers. Acreage estimates are based on surveys conducted during the first two weeks of March. This year the survey reached 78,900 farm operators in 48 states.
Tomorrow is also the date for the 27
th OPEC and non-OPEC Ministerial Meeting. Members meet at this event to determine the output levels for production beginning in May. OPEC+, an expanded group that includes non-OPEC members like Russia and Mexico, has immense power because its members control more than 40% of
global oil production.
U.S. private employment payrolls rose by 455,000 in March, according to this morning’s ADP National Employment Report. Up next, on Friday the Bureau of Labor Statistics will publish its official nonfarm payroll report. This is one of the most important monthly economic data points on the calendar. It’s intended to represent the total number of paid workers in the U.S., minus farm employees, government employees, private household employees and employees of nonprofit organizations. Economists – polled by The Wall Street Journal – forecasted a gain of 450,000 private sector jobs in March.
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Futures Trading Levels
03-31-2022
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