Grain Express 11/08/22
Posted: Nov. 8, 2022, 8:40 a.m.
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Crop Progress Yesterday's weekly crop progress report showed the U.S. corn crop is 87% harvested, in line with estimates. The Soybean crop is 94% harvested, also in line with estimates. Winter wheat is 92% planted and 73% emerged. Good/Excellent conditions are at 30%, while Poor/Very Poor conditions stand at 34%. Export Inspections Yesterday's weekly export inspections for corn and wheat were below the low end of expectations, while soybeans came in above the top end of estimates. WASDE Tomorrow's WASDE report is scheduled to be released at 11am CT. Dow Jones' survey of 20 analysts anticipates a repeat in November, looking for a 13.893 bb crop on the same yield of 171.9 bpa. Similar to corn, Dow Jones' survey of analysts does not expect much change in USDA's soybean crop estimate, going from 4.313 bb in October to 4.324 in November with a yield of 49.9 bpa. -DTN |
Corn
December corn futures are retreating to the low end of the multi-month trading range. A break and close below could spur additional long liquidation. Perhaps tomorrow's WASDE report will be the catalyst to break the market out of the range.
Coming Soon: Seasonal Trend Alert for March Corn that starts on November 16th. Contact us for more information.
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Soybeans
As mentioned in previous reports, soybean futures remain the most constructive in our opinion. Resistance remains intact from 1454 1/4-1462 1/4. A breakout above this pocket could spur a technical breakout, with little resistance until the technically and psychologically significant $15.00 handle.
Coming Soon: Seasonal Trend Alert for March Soybeans that starts on November 16th. Contact us for more information.
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Wheat
December Chicago wheat futures are lingering near the same levels we were at from two weeks ago. The fact that it is holding is a silver lining for the Bulls. A break and close below 833-839 would likely be the "tap out" point for some longs, which could trigger additional long liquidation.
Seasonal Trend in Play: Bearish March Chicago Wheat from November 4th to November 19th. This has played out for 13 of the last 15 years.
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