Yesterday’s Close: December corn futures finished yesterday’s session 2 ½ cents lower, trading in a range of 6 ¼ cents. Funds were estimated sellers of 7,000 contracts on the day.
Fundamentals: Today is the day, we will get updated data from the USDA at 11 am cst. Below are the estimates.
Average estimate: 176.2 bushels per acre
Range of estimates: 14.210-14.750 billion bushels
Average estimate: 14.411 billion bushels
July report: 14.230
Corn Carryout (2017/2018)
Average estimate: 2.015 billion bushels
July report: 2.027 billion bushels
Corn Carryout (2018/2019)
Average estimate: 1.636 billion bushels
July report: 1.552 billion bushels
Technicals: Not much has changed on the technical landscape over the last 24 hours. The market tested and held technical support yesterday, we have defined that pocket as 379 ¾-382 ¼. This pocket represents a key retracement on the year, the 50-day moving average, and previously important price points. A break and close below here will likely encourage some long liquidation from recent buyers. If the bulls can defend this level, they remain in control. On the resistance side, 389 ¾ is the first barrier, but there are several barriers from....Please sign up for a Free Trial at Blue Line Futures to view our entire technical outlook and proprietary bias and levels.
Yesterday’s Close: November soybean futures finished yesterday’s session down 8 ¾ cents, trading in a range of 12 ¼ cents. Funds were estimated sellers of 4,000 contracts on the day.
Fundamentals: We will get new news today in the form of a USDA report, released at 11 am cst. Barring any shocking trade headlines, everything else is background noise today. Below are the estimates.
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