Pro Farmer Crop Tour 2024!
Oliver Sloup, Co-Founder and Vice President of Blue Line Futures will be on the eastern leg of this year’s Pro Farmer Crop Tour. He will be sending out live updates throughout the week as he and the other scouts travel through Ohio, Indiana, Illinois, Iowa, and finishing up in Minnesota.
Check it out Here: Crop Tour 2024 - Blue Line Futures
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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Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
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