Morning Bullet Points 08-22

AUGUST 22, 2017—



  • Markets trading mixed this morning after spending most of the night higher.
  • Crop ratings yesterday were pretty much in line with expectations with corn ratings steady at 61% g/e and bean ratings up 1 at 60% g/e.
  • After one day on the Pro Farmer crop tour, they found average corn yield in SD at 147.97 bpa (149.78 last year and 156 bpa 3 year average) and OH corn at 164.62 bpa (148.96 last year and 159.8 bpa 3 year average).  Both of those corn yields are surprisingly high, but worst areas in SD are not covered.  There was a multitude of variability reported.
  • Open interest in both corn and soybeans higher on the break yesterday with fund selling a feature.
  • Corn technically pushed to new lows yesterday.  Long-term support for the nearby contract comes in at 3.30, which is 18 cents below the current market.
  • Soybeans technically are holding above key support near 9.30 with overhead resistance in the mid-9.50’s.
  • Wheat technically pushed to new recent lows as well with support in the 4.10 area with resistance above the market near 4.30.



  • Rains worked across the WCB yesterday.
  • The WCB has more chances for rains in the next few days before drying out in the 6-10.  The 11-15 period is wetter for the WCB again.
  • The ECB remains mostly dry moving forward.
  • Temperatures expected to run well below normal for the Midwest over the next two weeks.



  • Corn appears to be in the process of grinding toward a seasonal low.  Major support is at 3.30.  Longer term, I think we can trade higher from here unless national corn yield is going to be within 1-2 bpa of 170 (which I do not think it is).
  • Soybeans have found flat price buyers on the current pullback and the market is letting “the funds” get short.  The last time they got short, the market quickly rallied $1.30, so I do not think this is the time to be overly bearish.
  • Wheat does not have any reason to rally while corn is under pressure.


Fun Fact of the Day: The Constitution was written during the Philadelphia Convention—now known as the Constitutional Convention—which convened from May 25 to September 17, 1787. It was signed on September 17, 1787.


Have a great day,


Drew Moore


*Please see our disclaimer and notices page in regards to all commentary and content*

Want Updates?

Keep up with our market interpretation news and other important info. To receive text or email updates, simply click the button below and fill out the form.

Get Updates