Day three of the Pro Farmer Crop Tour is officially underway, turning attention to two top-producing states, Illinois and Iowa.
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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.
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****
Support: 472-476****, 460-464 1/2**
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.
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.
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.
Support: 1324-1334***,1292-1300***, 1256-1260***
|Seasonal TendenciesBelow is a look at seasonal averages for November soybeans.|