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Updated Yield Estimates – StoneX
StoneX’s September customer survey was released yesterday afternoon. That showed an increase in yields for corn and soybeans. Their corn yield comes in at 182.9, up from 182.3 last month. Thier soybean yield is seen at 53, up from 52.6 last month.
Corn
Technicals (December)
December corn futures traded higher yesterday, achieving their highest price levels since July, less than two weeks removed from contract lows. So far, our pivot pocket from 409-413 remains intact. If the Bulls can clear the top end of this, it could open the door for another round of short covering with the next upside objective coming in from 421 3/4-423 3/4. We wouldn’t be terribly surprised to see the market catch its breath but think there could be more upside potential in sight. If the Bulls fail to defend 409, we could see prices drop back to 401-403 3/4.
Short Term Bias and Technical Levels of Importance
- Bias: Neutral/Bullish
- Resistance: 421 3/4-423 3/4*
- Pivot: 409-413
- Support: 401-403 3/4, 380-385***
Below: Daily Chart of December Corn Futures.
Soybeans
Technicals (November)
November soybeans marked a higher close in yesterday’s trade but failed to take out the previous session’s intra-day high. Weakness has creeped into the early morning trade which opens the door for another retest of support, which we’ve outlined as 1000-1006 1/2. That pocket was tested and held yesterday, but another test of that pocket may prove to be heavy on prices.
Short Term Bias and Technical Levels of Importance
- Bias: Neutral/Bullish
- Resistance: 1023-1024 1/2, 1031 3/4-1035
- Pivot: 1013-1018
- Support: 1000-1006 1/2, 984 3/4-991, 950-955 1/4*
Below: Daily Chart of November Soybean Futures
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