Watch us on RFD-TV, today at 9:45am CT
USDA Report out at 11:00am CT
Below are the estimates for US Corn and Soybean production data
Corn
Technicals (December)
December corn futures were lower through the back half of last week’s trade which has spilled over into a softer start for this week’s trade. We do have a USDA report out at 11:00 am CT, this report has the potential to keep the bear trend intact or start turning the tide. We will be keeping a close eye on our pivot pocket from 399-403. A close above here in today’s trade could help prices recover ground lost last week. A failure to close out above that pocket keeps the Bears in clear control with the next downside objective we see coming in from 380-385.
Short Term Bias and Technical Levels of Importance
- Bias: Neutral/Bullish (cautiously optimistic)
- Resistance: 408-409, 412 3/4-413, 421 3/4-423 3/4*
- Pivot: 399-403
- Support: 380-385**
Average Estimates for August 12th USDA Report
- Production: 15.105 billion bushels
- Yield: 182.1 bushels per acre
- Harvested Acres: 82.974 million
- 23/24 Ending Stocks: 1.886 billion bushels
- 24/25 Ending Stocks: 2.106 billion bushels
Below: Daily Chart of December Corn Futures, depicting trendline resistance from the June highs as well as the 20-day moving average (in purple).
Commitment of Traders Update
Friday’s Commitment of Traders report showed Managed Money, aka Funds, were net buyers of 52,511 contracts through August 6th, 41,337 of that was short covering. This trimmed the Funds net short position to 242,545 futures and options contracts. This was the fourth consecutive week of short covering.
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