Updated Yield Estimates Show Bigger Than Expected Corn Crop
Posted: Aug. 3, 2023, 8:06 a.m.
StoneX Yield EstimatesStoneX released their updated corn and soybean yield estimates after yesterday's close. Their data is compiled from a producer survey. They have the national average for corn yield at 177 bushels per acre. Their soybean yield estimate comes in at 50.5 bushels per acre. Export SalesExport sales will be out at 7:30am CT. We will post these on our Facebook page as well as send out a text. To get on the text updates, text: Alerts, to 888-839-7631. |
CornTechnicals (December) December corn futures have traded on both sides of unchanged through the overnight and early morning trade as the market attempts to stabilize against our 4-star support pocket, which we've had outlined as 497-502. This is a good risk/reward setup for the Bulls to take a swing, but it's a MUST HOLD pocket. A failure to defend this pocket could open the door for a retest of the July lows near 481. Bias: Neutral/Bullish Previous Session Bias: Neutral Resistance: 540 1/2-545***, 554-556*** Pivot: 518-525 3/4 Support: 497-502****, 480-482*** |
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Soybeans |
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Technicals (November) Soybeans broke lower yesterday but are managing to grind back into our pivot pocket in the early morning trade, 1324-1332 3/4. A failure to reclaim ground above this pocket could keep the door open for continued pressure with the next objective for the Bears being our 4-star support pocket from 1291-1300. We are in the camp that the market can stabilize here, but today's close will be key to whether that bias holds or not. Bias: Neutral/Bullish Previous Session Bias: Neutral Resistance: 1350-1355**, 1368-1378***, 1390-1400*** Pivot: 1324-1332 3/4 Support: 1291-1300**** |
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WheatTechnicals (September) Wheat futures have traded lower for 6 consecutive sessions but are attempting to put that losing streak to an end in the early morning trade with the market finding support a penny above our 4-star support pocket. We are moving our bias into Bullish territory as we feel this pocket represents a good risk/reward setup to the buy-side. A break and close below would neutralize our bullish bias. Bias: Bullish/Neutral Previous Session Bias: Neutral Resistance: 693 1/2-698 3/4***, 744-745*** Pivot: 677-680 Support: 622-632**** |
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