Good Wednesday Morning 08-06-14… Weather forecasts showing good chances of rain in the drier areas of the growing season are the big negative this morning as many feel this rain is all that’s needed to seal the deal of this year’s production prospects. Yield checks continue to be as good as they have ever been with the Informa Group putting the national average corn yield at 168 bushels and soybeans at 44.4 bushels. FC Stone estimates came in at 172.4 for corn and 46 bushels for soybeans. That puts their average at 170.2 for corn and 45.2 for soybeans, pretty close what the chatter has been over the past week. December corn futures did pop above Monday’s high point for a little bit in the overnight session but has since come back to near unchanged levels. The bullish divergence pattern on the RSI and Stochastic indicators with price action implies a pop above 3.78 is in the works for December corn or up against the down trending channel of the growing season decline. November soybeans are struggling but with another inside trade session with Monday’s price reversal to the upside still having a shot a tracing out a double bottom formation that could generate a pop back to the 11.10’s. H. Dan Zwicker,CTA Dan.Zwicker@cgb
Posted on: Wed, 06 Aug 2014 12:40:13 +0000
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