Click this link to watch yesterday's interview with RFD-TV! Corn (December)
Fundamentals: Yesterday’s Crop Progress report showed Good/Excellent conditions at 62%, a 2% decline from last week and 1% below the average estimate. Cooler overnight temperatures are welcomed but adding a headwind to prices in the early morning trade. StoneX will be putting out their yield estimates after the close, this will put a line in the sand for other analysts.
Technicals: The market is coiling like a tightly compressed spring, ready for a breakout or break down. Grain futures tested and held the 100-day moving average yesterday and again got a nice relief rally off it, trading up into our 3-star resistance pocket, 557 ¾-560 ¾. If the Bulls can chew through this pocket, we could see an extension towards 569 ¼-573 ½. This pocket represents the top end of the range from mid-late July, as well as the gap from July 6th. A failure against resistance and break below our pivot (532 1/4-539 1/2) could take us back to the low end of the range and yesterday’s support, 532 ¼-539 ½...........Click this link to read the FULL report and receive our daily commentary