MarketEdge PM Comments
Aug 09, 2023
(Cody Forde)
Good afternoon,
Market action was choppy! At the start of the day, it looked hopeful the market might close over $5.01 December futures but that slowly faded as the markets did. December corn last trade was $4.96 down 2^6. November soybeans last trade was $13.09^6 up 3^6 on the day. We did have a new crop sale of 251 MMT to China. Outside markets were a mixed bag with oil trading higher and stocks trading mixed.
Some soybean levels to watch are $12.80 for strong support. We have made several dips and goes from that area. From the current chart pattern on November soybeans, it looks to be making a cup and handle. If this patten holds, we could see a run back up to the gap made on July 31st. That would push November soybeans back above $13.75. If we would fail at the $12.60 market, I would fear a retest of the May 30th low.
The August crop report will be released tomorrow at 11:00 a.m. Some price statistics from past August reports. For 2022, corn was up 2 cents and then down 39 cents the following week. For 2021, corn was up 7 cents and down 24 the following week. For 2020, corn was up 4 cents and up 17 cents the following week. For 2022, soybeans were down 17 cents and then 67 cents lower the following week. For 2021, soybeans were down 4 cents and then down 5 cents the following week. For 2020, soybeans were up 11 cents and then up 41 cents the following week.
Good afternoon,
Market action was choppy! At the start of the day, it looked hopeful the market might close over $5.01 December futures but that slowly faded as the markets did. December corn last trade was $4.96 down 2^6. November soybeans last trade was $13.09^6 up 3^6 on the day. We did have a new crop sale of 251 MMT to China. Outside markets were a mixed bag with oil trading higher and stocks trading mixed.
Some soybean levels to watch are $12.80 for strong support. We have made several dips and goes from that area. From the current chart pattern on November soybeans, it looks to be making a cup and handle. If this patten holds, we could see a run back up to the gap made on July 31st. That would push November soybeans back above $13.75. If we would fail at the $12.60 market, I would fear a retest of the May 30th low.
The August crop report will be released tomorrow at 11:00 a.m. Some price statistics from past August reports. For 2022, corn was up 2 cents and then down 39 cents the following week. For 2021, corn was up 7 cents and down 24 the following week. For 2020, corn was up 4 cents and up 17 cents the following week. For 2022, soybeans were down 17 cents and then 67 cents lower the following week. For 2021, soybeans were down 4 cents and then down 5 cents the following week. For 2020, soybeans were up 11 cents and then up 41 cents the following week.
- Crude oil traded $84.26 per barrel up 1.34.
- The E-mini Dow traded 35,386 down 9 points.
- Gold traded $1949.5 down 10.4 per OZ.
- Bitcoin traded $29,595 per coin down 480 dollars per coin.