Corn and soybean futures are lower in the overnight trade following the release of updated yield and production estimates from StoneX.
Check out yesterday’s interview with RFD-TV!
Corn
News
- StoneX released their October customer survey yesterday, showing a national average corn yield at 175.5 bushels per acre and production at 15.202 billion bushels.
- Yesterday’s weekly export inspections were reported at 625,870 MT (24,639,406 bushels). Within expectations but below last week’s 710,605 MT.
- Crop Progress showed 23% of the US Corn crop is harvested, 2% behind estimates. For those still keeping track, good/excellent conditions were reported at 53%, unchanged from last week.
Technicals (December)
December corn futures were able to defend our pivot pocket from 472-476 which helped erase all of Friday’s losses and then some in yesterday’s trade. The rally took prices back to our resistance pocket from 489-491 where prices fell flat again. Our thesis for quite some time now has been that there will be plenty of shorter-term opportunities for traders on both sides of the market, the chart below clearly illustrates that. A breakout or a breakdown could be a catalyst in itself to spark a bigger directional move.
Bias: Neutral
Resistance: 489-491***, 502-506 1/2***
Pivot: 472-476
Support:Â 460-464 1/2**
Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
Soybeans
News
- StoneX released their October customer survey yesterday, showing a national average soybean yield at 50.4 bushels per acre and production at 4.175 billion bushels.
- Yesterday’s weekly export inspections were reported at 663,355 MT (24,374,117 bushels). Within expectations but above last week’s 507,630 metric tons.
- Crop Progress showed 23% of the US soybean crop is harvested, 2% behind estimates. For those still keeping track, good/excellent conditions were reported at 53%, unchanged from last week.
Technicals (November)
Soybean futures were able to find their footing in yesterday’s trade but have given that back in the overnight and early morning trade after prices failed to get out above our pivot pocket from 1280-1285. A continued failure against this resistance pocket keeps the door open for a retest of 1247-1257. We believe that will act as pretty strong support on the first test. However, a break and close below there could accelerate the selling pressure.
Bias: Neutral
Resistance: 1300-1304***, 1322-1328****
Pivot: 1280-1285
Support:Â 1247-1257***
Seasonal Tendencies
Below is a look at seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday).
Wheat
News
- Yesterday’s weekly export inspections were reported at 397,594 MT (14,609,074 bushels). Within expectations but below last week’s 584,712 metric tons.
- Crop progress showed winter wheat planting at 40%, in line with expectations. 15% of the crop is emerged.Â
Technicals (December)
Wheat futures got some help from the calendar yesterday as the market traded back higher with some follow-through in the overnight trade, taking prices back to Friday’s breakdown point and out pivot point, 570. The Bulls need to see a close back above this pocket to keep yesterday’s momentum going.
Bias: Neutral/Bullish
Resistance: 585-587**, 595-599 1/2***, 612-616****
Pivot: 570
Support:Â 540-541 1/2**
Seasonal Tendencies
Below is a look at seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday).Â
