Quarterly Stocks Estimates
The quarterly stocks report will be out on Monday, September 30th. Market action following the release of the report has been split over the last 10 years with 5 higher closes and 5 lower closes for both corn and soybeans.
Corn
Technicals (December)
December corn futures poked their head out above first resistance, trading to their highest price since July 26th. However, that strength failed to hold through the session as prices reversed and finished lower on the day. The bearish reversal has spilled into weakness overnight and into the early morning trade with prices revisiting our pivot pocket from 408 1/2-409. If the Bulls fail to hold ground here, we could see prices right back at the lower end of the range which we’ve outlined as 401-403 3/4.
Technical Levels of Importance
- Resistance: 413 1/2-416, 423 3/4-426 1/2*
- Pivot: 408 1/2-409
- Support: 401-403 3/4, 380-385
Seasonal Tendency Update
Below is a look at price averages for December corn over the last 5, 10, 15, 20, and 30 years. Past performance is not necessarily indicative of future results.
Soybeans
Technicals (November)
Like corn, November soybean futures traded to their highest levels since July 26th but failed to hold that strength through the session. Despite still finishing the day in positive territory, the bearish reversal has led to weakness in the overnight and early morning trade with prices right back to our first support pocket from 1031 3/4-1035. A failure here and we could be right back to where we started the week near 1012, which also aligns with the 50day moving average.
Technical Levels of Importance
- Resistance: 1082 1/2-1086 3/4*
- Pivot: 1041 3/4-1042
- Support: 1031 3/4-1035, 1023-1024 1/2, 1000-1006 1/2
Seasonal Tendency Update
Below is a look at price averages for November soybeans over the last 5, 10, 15, 20, and 30 years. Past performance is not necessarily indicative of future results.
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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.
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