Economic calendar: Commodity data in the spotlight

Summary:
-WASDE report to be published in the afternoon
- API data forecasted to show an increase in crude inventories
- Riksbank Deputy Governor Ohlsson to deliver speech on inflation targeting

As almost every market moving event scheduled for this week will take place on Wednesday investors may find other days a bit boring in terms of data. This is the case for Tuesday as just two noteworthy readings will be released. The United States Department of Agriculture will release April’s edition of WASDE report at 5:00 pm CET. Corn, soybean, wheat and cotton are all expected to see their end stocks increase. However, in most cases the increase will be minor. One should keep in mind that significant volatility usually surfaces on the grains market in the aftermath of the release. The other point of interest today will be the release of the API estimates on oil inventories (9:40 pm CET). Crude prices rose over 50% since December’s bottom and just recently good another boost from clashes in Libya. Major price moves are unlikely to occur but today’s reading may serve as a guide for tomorrow’s DOE print. Market consensus expects API data to show a 2.5 million barrel increase.

Central bank speakers scheduled for today:
- 1:05 pm CET - Riksbank’s Ohlsson
- 10:00 pm CET - Fed’s Quarles

COTTON broke above the 200-session moving average yesterday and may be set for more gains in case WASDE report turns to be supportive. If this is so, bulls should watch the resistance zone ranging around the $81 handle as it may be the first major hurdle for buyers. Source: xStation5

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