The Last Day of Crop Tour is Officially Under Way
Posted: Aug. 24, 2023, 7:38 a.m.
CornTechnicals (December) December corn futures were able to catch a bid yesterday after successfully defending the lows from last week. The Bulls want to see continued strength above 480-482 to encourage a run back towards 502-506 1/2. That may be too big of a barrier for the Bulls to get out above on the first test and may represent a spot for hedgers to consider looking at protection. News The Pro Farmer Crop Tour released their findings from Day 3 yesterday, showing an average yield for Illinois at 193.72, that is up from last year's average of 190.71 and up from the 3-year average of 192.14. On the Western side of the tour they showed an average yield for Iowa district 1 at 182.58, that was up from 181.12 last year and just a hair above the 3-year average of 182.11. District 4 was a disappointment with the average yield coming in at 168.71, down from 180.80 last year and down sharply from the 3-year average of 184.77. District 7 was reported at 184.84, up sharply from last years 173.70 and slightly higher than the 3-year average, 183.55. Complete Iowa results will be out later today. Resistance: 502-506 1/2***, 518-525 3/4**** Pivot: 480-482 Support: 472-476****, 460-464 1/2** |
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Seasonal TendenciesBelow is a look at seasonal averages for December corn. The 5-year seasonal average suggests seasonal consolidation while longer term averages continue to trend lower. |
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Soybeans |
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Technicals (November) November soybeans were able to successfully defend the 200-day moving average and springboard higher. That momentum has carried over in th the overnight and early morning trade with prices approaching the upper end of the week's trading range. We remain optimistic on beans with the idea that this heat moving through the Midwest is not what the crop needs. If the Bulls can make new highs for the week it could lead to a retest of the psychologically significant $14.00 level. News Day 2 of the Pro Farmer Crop Tour showed pod counts in Illinois at 1,270.8, that's up from last year's 1,249.7 and up from the 2020-2022 average of 1,258.96. Pod counts in Nebraska were reported at 1160.02, up from last year's 1063.72 but down from the 2020-2022 average of 1196.02. Complete Iowa results will be out later today. Resistance: 1373 1/2***, 1381*** Pivot: 1350-1355 Support: 1324-1334***,1292-1300***, 1256-1260*** |
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Seasonal TendenciesBelow is a look at seasonal averages for November soybeans. |
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