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Grains Rally on Crop Report/Weather
08/20/2019 10:40 am EST
Grains rallied Monday after crop progress report comes out, reports Oliver Sloup.
Fundamentals: The weekly crop progress report was released yesterday afternoon, showing the U.S. corn conditions at 56% Good/Excellent, down 1% from the previous week and 2% below expectations. This coupled with friendly, though early, results from the crop tour have led to a bid in the overnight session. The Pro Farmer tour has South Dakota corn yields at 154.1 bpa, down 13% from last year. They have Ohio at 154.4 bpa, down 14% from last year.
Technicals: The market is trying to work higher, a silver lining for the bull camp, but there’s still a lot of work to be done on the chart.
Fundamentals: November soybean futures continued to drift lower yesterday but have stabilized in the overnight/early morning trade, thanks to a friendly start to the Pro Farmer crop tour and yesterday’s crop progress report. Crop progress showed Good/Excellent ratings at 53%, 1% below estimates and last week’s read.
Technicals: The market is trying to stabilize above our support pocket.
Fundamentals: Weakness in the broader grain complex spilled over into yesterday’s wheat trade, money flow in the sector is on the forefront of our radar for the time being. Weekly export inspections came in at 485,905 metric tons, within the range of expectations.
Technicals: The market has been making lower highs and lower lows since double topping in the back half of June, keeping the bears in control of the technical landscape.
Bill Baruch provides technical levels on all markets throughout the week at BlueLineFutures.com.
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