Tuesday, October 8, 2019

Ag Futures: Markets Showing No Fear of the Cold

So much for all my blathering about a possible freeze.
I guess.
From AgWeb: 

Cold Weather, No Fear
Corn (December)
Fundamentals:  Yesterday’s crop progress report showed good/excellent ratings at 56%, 1% below expectations.  Corn harvest is 15% complete, 4% behind already lagging expectations, 19% (the 5-year average is 27%).  Forecasts show cooler temperatures and a possible freeze in the northern corn belt, as of now it doesn’t seem that the market is pricing much premium in for that.  Thursday’s WASDE report will be the big-ticket item, we will have estimates out in the coming days.

Technicals: We wish we had something new and exciting to say about the technical developments, but it has been nothing but consolidation after last week’s rally and failure against our resistance pocket from 392 ¾-394.  A breakout above here could spark another round of fund short covering, the next objective would be 412 ¾-417 ¼.  On the support side of things, 377-381 ½ is the pocket the bulls need to defend.

Bias: Bullish/Neutral...
....MUCH MORE

Yesterday:
U.S. Department of Agriculture Crop Progress Report - October 7, 2019
Ag Futures: Ahead of Today's Crop Progress Report: Racing the Weather

And I missed World Cotton Day too. Must be losing the edge.