Crop Tour is Fast ApproachingNext week at this time I'll be writing from Ohio, getting ready to hit the road to go sample our first fields in the annual Pro Farmer Crop Tour. We will be sending out our normal commentary, as well as updates through the day and into the evening. As a primer, we'd love to hear how things are looking by you! Simply send an email to CropTour@BlueLineFutures.com with a crop update and a state/county and we'll begin to mix it into the morning commentary. Thank you in advance to those who take the time to respond! If you want to get all the updated emails next week, use the link at the bottom of this commentary to sign up! Weekend HeadlinesRussia/Ukraine: CANBERRA, Aug 10 (Reuters) - Chicago wheat futures rose on Monday, supported by concerns about the impact on supply of Russian and Ukrainian attacks on each other's export operations. "The attacks raise the risk of slower loadings, higher insurance costs, and more cautious vessel movement. This has already contributed to a risk premium," JPMorgan said in a note. Ukrainian attacks on Russia's fuel supply could also impact agricultural production by restricting the availability of diesel used by tractors and trucks, it said. French Corn Conditions: The condition of French maize crops has declined for an eighth straight week to remain at its worst in at least 15 years, with the European Union's biggest grain producer gripped by hot weather and drought, data showed on Friday.
Estimates for this Wednesday's USDA Report |
December Corn December corn futures tested and failed against our pivot pocket on Friday, but it wasn't enough to do any technical damage. All in all, the market was really quiet in the final two trading days of last week, this morning isn't much different. Corn is modestly higher, but it's not enough to jump up and down about. Though we'd like to see more movement one way or the other, it may not come until we get new news from the USDA in Wednesday's monthly report. Technical support and resistance levels remain intact. We do have weekly export inspections out this morning, and weekly crop progress data in the afternoon. Technical Levels of Importance (December futures)
November Soybeans November soybeans were pretty quiet in the back half of last week's trade, testing and trading along the 100 and 50 day moving averages, which continue to hold as support. From a risk/reward standpoint, this isn't a bad spot to take some action (in our opinion). As mentioned in last week's report, you know where you're wrong. Prices are flirting with our pivot pocket from 1184-1186 1/2, above here and things could get more exciting, with 1194 1/2-1198 1/2 being the next upside objective. Just above that is the psychologically significant $12 level and the 20-day moving average at 1202 1/2. Technical Levels of Importance (November futures)
Technicals (December)December Chicago wheat was the leader to the upside on Sunday night, trading over 15 cents higher. The market has given back some of those gains but is still holding steady near Friday's high. 666-668 is the pivot pocket to watch. A close out above here and a retest of resistance from 677-679 3/4 would be in play. Above that and things could get a little more exciting. Technical Levels of Importance
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