Corn and soybeans are higher in the early morning trade while wheat futures struggle. All eyes will be on the start of the Pro Farmer Crop Tour as the 4-day event kicks off today.
Abbreviated Grain Express this morning as we are on the road for Pro Farmer Crop Tour. We have 13 stops today as we work our way through Ohio and into Indiana. We will be sending out 3 updates throughout the day as well as one in the evening with a summary of today’s findings.
We will be on RFD-TV from a random field at 9:45am CT to discuss the early morning findings.
Corn
Technicals (December)
December corn futures were able to trade marginally higher in the overnight and early morning trade, which a growing trend. Corn has closed higher for the last 4 Mondays. All in all, not much has changed on the technical landscape, support and resistance levels remain intact.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 406 1/4-409, 421 3/4-423 3/4*
Pivot: 403 3/4-404 3/4
Support: 387-390 1/4*, 380
Below: Daily Chart of December Corn Futures, depicting trendline resistance from the June highs as well as trendline support, both of which are converging to create a falling wedge. The chart also includes the 20-day moving average (in purple).
Notes
- Weekly export inspections will be out at 10am CT
- Crop Progress will be out after the close
- Pro Farmer will compile all of today’s samples and provide a yield estimate later this evening.
Chart of Interest
Below is a look at the updated Commitment of Traders chart. Friday showed little changed in the Managed Money net position, which was reported at -249,007 through August 13th.
Soybeans
Technicals (November)
Soybeans started the Sunday night trade with some firmer prices but have given some of that back in the early morning trade. The Bears have full control of the chart, but relief rallies are to be expected. The million-dollar question is from where and how high. We have our eyes on last week’s lows as first support. Our pivot pocket remains intact from 975 1/2-980. Above that is 995-1000.
Short Term Bias and Technical Levels of Importance
- Bias: Neutral/Bearish
- Resistance: 995-1000, 1013-1015
- Pivot: 975 1/2-980
- Support: 950-955 1/4**
Below: Daily Chart of November Soybean Futures, depicting trendline resistance from the May highs as well as the 20-day moving average (in purple).
Notes
- Weekly export inspections will be out at 10am CT
- Crop Progress will be out after the close
- Pro Farmer will compile all of today’s samples and provide a breakdown. It is too early in the season to provide a soybean yield estimate.
Chart of Interest
Friday’s Commitment of Traders report showed another week of near flatlining for Managed Money position. Through August 13th, Funds were holding a net short position of 174,447. futures and options contracts.
Wheat
Technicals (September)
September wheat futures made an attempt and forming an inverse head and shoulders pattern last week, but Thursday’s reversal and close at the lows started to neutralize that setup. Wheat futures are trading below last week’s support pocket from 523 1/4-527. A failure to hold ground here leaves the door open for a drop into our next pocket from 514-517.
Short Term Bias and Technical Levels of Importance
- Bias: Neutral
- Resistance: 555 1/2-556 1/4*
- Pivot: 537-540
- Support: 523 1/4-527, 514-517****
Below: Daily Chart of September Wheat Futures, which are an a path to revisit the recent lows.
ZWU2024_2024-08-19_05-38-52
Notes
Weekly export inspections are out at 10am CT.
Chart of Interest
Friday’s Commitment of Traders report showed Funds holding a net short position of 73,288 futures/options contracts, little change relative to recent weeks.
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