All Eyes on Day 2 of Crop Tour

Grain Express Research Posts

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Grain markets give retreat from the highs yesterday, taking prices back to support.  A big focus will continue to be on the Crop Tour.

Our Crop Tour route for today starts in Wabash County Indiana and will work west into Illinois.  Get all of our Crop Tour email updates by signing up here:Crop Tour (bluelinefutures.com

Corn

Technicals (December)
December corn futures ripped higher in the Sunday night trade but that optimism fizzled out through yesterday’s session, taking prices back into support.  There’s nothing Bullish about yesterday’s reversal as far as the charts go.  The Bulls need to defend 472-476 to prevent a further decline in prices.  

News

The Pro Farmer Crop Tour released their findings from Day 1 yesterday, showing an average yield for Ohio at 183.94, that is up from last year’s average of 174.17 and up from the 2020-2022 average of 175.64.  On the Western side of the tour they showed an average yield for South Dakota at 157.42.  That’s sharply higher than last year which was expected due to extreme stress basically the whole way through the growing season.  The 2020-2022 average for that area is 149.71.  Today’s eastern tour will cover the second half of Indiana and work into Illinois. 

There was a flash-sale reported yesterday morning: 

111,770 metric tons (4,400,189 bushels) of corn for delivery to Mexico during the 2023/2024 marketing year

Bias: Bullish/Neutral
Previous Session Bias: Neutral/Bullish
Resistance: 502-506 1/2***, 518-525 3/4****
Pivot:  480-482 
Support:  472-476****, 460-464 1/2**ZCZ2023_2023-08-22_05-41-11Seasonal Tendencies
Below 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. 8.22.23 Corn SEasonalSoybeans 
Technicals (November)
Near term upside targets for soybeans were achieved yesterday, filling the gap from July 31st.  Whether or not the market can break out above here could be dependent on this week’s weather and the Pro Farmer Crop Tour findings.  If the Bulls can chew through 1373 1/2-1381 we could see an extension above $14.00 with a retest of the July highs in the cards, which comes in near 1425.  A failure to take out this week’s high could lead to consolidation and a retracement to the 50 and 200 day moving averages which come in from 1332-1338

News

Day 1 of the Pro Farmer Crop Tour showed pod counts in Ohio at 1252.93, that’s up from last year’s 1131.64 and up from the 2020-2022 average of 1160.9.  Pod counts in South Dakota were reported at 1013, up sharply from last year (as expected) but below the 2020-2022 average of 1039.71.

There was a flash-sale reported yesterday morning: 
159,350 metric tons (5,855,108 bushels) of soybeans for delivery to unknown destinations during the 2023/2024 marketing year.

Bias: Bullish/Neutral
Previous Session Bias: Bullish/Neutral
Resistance: 1324-1334***, 1350-1355**
Pivot: 1291-1300 
Support:  1282**, 1256-1260***ZSX2023_2023-08-22_05-56-12Seasonal Tendencies
Below is a look at seasonal averages for November soybeans.  8.22.23 Soybean seasonal
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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.

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This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.

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