Grain Express 11/09/22
Posted: Nov. 9, 2022, 8:15 a.m.
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Report Day The average estimate for the U.S. corn yield is at 171.9 bushels per acre, this would be unchanged from last month. That keeps production estimates close to last month too. The average estimate for the U.S. soybean yield is 49.8 bushels per acre, unchanged from last month. That keeps production estimates near unchanged too. Flash-Sales Yesterday morning, private exporters reported the following sales activity:
A Look at the Outside Markets Equity markets are trading near unchanged, crude oil is 1% lower, and the USD steady after trading to its lowest level in nearly two months. |
Corn
Corn futures are at their lowest price since the end of September. A break and close below here could spur additional long liquidation from the Funds who have been holding a relatively large net long position for what is probably a historic time frame. Pre-covid, it was not uncommon for funds to be just as net short as they have been net long. The next line in the sand for support comes in in the mid 640's.
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 on the verge of a bigger technical breakdown. If the Bulls fail to defend support through today's session, it's possible we see a print back below $8.00 in a relatively short amount of time.
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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