Grain Markets Consolidate

Volatility in the grain markets has started to subside this week as prices consolidate

Tune in to RFD-TV at 12:45pm CT for another update from our route!

Oliver Sloup checked in with RFD-TV on Wednesday afternoon

Corn

Technicals (December)

December corn futures have been quiet over the last two sessions as the market seems to have found somewhat of a near term equilibrium. With the tight ranging trade, technical 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 Sales: Net sales of 119,100 MT for 2023/2024--a marketing-year low--were down 1 percent from the previous week and 57 percent from the prior 4-week average. Net sales of 1,291,200 MT for 2024/2025.

Pro Farmer released their yield calculations for Illinois and parts of Iowa yesterday, based on the samples from crop scouts. They have Illinois at 204.14, that's nearly 10 1/2 bushels above the 3-year average.

Chart of Interest
Below is a look at price averages for December corn over a 5, 10, 15, 20, and 30 year period. Past performance is not necessarily indicative of future results.

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