The Calm Before the Storm?
Posted: Aug. 11, 2023, 8:58 a.m.
CornTechnicals (December) Corn has traded in a 2-cent range overnight, I couldn't even come close to guessing when the last time that happened was. The week-long consolidation will likely come to an end today with the 11am USDA report. The yield number will be the big-ticket item today. The average analyst estimate comes in at 175.5 bushels per acre, 2 bushels less than last month's report. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 518-525 3/4****, 540 1/2-545*** Pivot: 502-506 1/2 Support: 480-482*** |
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Soybeans |
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Technicals (November) After defending significant support to start the week, November soybeans were able to trade back into our resistance pocket, 1324-1334. In yesterday's report we noted: "If you've been long the market, this would be a spot to consider reducing. Hedgers or Bearish traders may look to be proactive here as well. Whether or not we fail, or breakout here will likely be dependent on near term fundamental catalysts such as weather forecasts and tomorrow's USDA report.". The average analyst estimate for soybean yield comes in at 51.3 bushels per acre, down from last month's report, 52.0 bpa. Bias: Neutral Previous Session Bias: Bullish/Neutral Resistance: 1324-1334***, 1350-1355** Pivot: 1291-1300 Support: 1282**, 1256-1260*** |
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