Day 3 of Crop Tour is Underway

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Day three of the Pro Farmer Crop Tour is officially underway, turning attention to two top-producing states, Illinois and Iowa.

Follow along: https://form.bluelinefutures.com/crop-tour

Corn
Technicals (December)
December corn futures continued to retreat yesterday, trading back into our support pocket and holding.  That pocket remains intact from 472-476.  This is what we would view as a must hold pocket for the Bulls.  A break and close below this pocket could trigger additional technical selling pressure.  On the resistance side of things, the bulls need to see consecutive closes back above our pivot pocket from 480-482 to encourage another attempt at a relief rally.

News

The Pro Farmer Crop Tour released their findings from Day 2 yesterday, showing an average yield for Indiana at 180.89, that is up from last year’s average of 177.85, but down from the 2020-2022 average, 183.72 On the Western side of the tour they showed an average yield for Nebraska at 167.22, that was up from 158.53 last year.  The 2020-2022 average for Nebraska is 172.01.  Today’s eastern tour will cover the second half of Illinois and work into Iowa. 

There was a flash sale reported yesterday morning: 
Private exporters reported sales of 224,000 metric tons (8,818,488 bushels) of corn for delivery to Mexico.Of the total, 112,000 metric tons is for delivery during the 2024/2025 marketing year and 112,000 metric tons is for delivery during the 2025/2026 marketing year.

Resistance: 502-506 1/2***, 518-525 3/4****
Pivot:  480-482 
Support:  472-476****, 460-464 1/2**
ZCZ2023_2023-08-23_06-16-51
Seasonal 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 SEasonal
Soybeans 
Technicals (November)
November soybeans are pulling back into support which we outlined in yesterday’s report as the 50 and 200 day moving averages.  A failure to defend these levels could open the door for a retest of the psychologically significant $13.00 level.  On the resistance side, the Bulls want to see a close back above 1350-1355.

News

Day 2 of the Pro Farmer Crop Tour showed pod counts in Indiana at 1,309.96, that’s up from last year’s 1165.97 and up from the 2020-2022 average of 1228.94.  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.

Resistance: 1350-1355**
Support:  1324-1334***,1292-1300***, 1256-1260***
ZSX2023_2023-08-23_06-17-15
Seasonal TendenciesBelow 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

Performance Disclaimer

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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Seasonal Disclaimer

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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