Favorable weather conditions continue to be the farmers friend. Corn planting increased from 17% complete three weeks ago to 81% complete in the latest
Favorable weather conditions continue to be the farmers friend. Corn planting increased from 17% complete three weeks ago to 81% complete in the latest data release, up 19 points over the last week. This is a point behind last year’s pace and equal to the five-year average. Pennsylvania is the furthest behind in planting, having 35% of their crop planted vs. a five-year average of 64%. South Dakota made the most progress during the latest week by planting 45% of its crop. Indiana remains the furthest ahead of schedule with 88% planted vs a five-year average of 71%. South Dakota made the most progress during the latest week by planting 45% of its crop. 50% of the corn crop has emerged.
Corn prices are consolidating in early North American trade. Prices broke out above the 3.99 highs and are consolidating above support near the 10-day moving average at 398. Target resistance is seen near the June 2016 highs at 4.39. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
Soybean prices are unchanged in North American trade holding above support near near the 50-day moving average at 1029. Resistance is seen near the May highs at 1043. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
The soybean crop moved from 35% planted to 56% over the past week as numerous states were able to get 20% or more of their crop into the ground. South Dakota is the furthest behind schedule, having only 24% of the crop planted vs. a 5-year average of 44%. Illinois remains the furthest ahead of schedule, 81% complete vs a 5-year average of 42%. Minnesota showed the most progress over the past week, getting 37% of its crop planted. 26% of the soybean crop is emerged.
Wheat prices moved lower in early trade in North America. Support is seen near the 50-day moving average at 502. Resistance is seen near the 50-day moving average at 4.82. Resistance is seen near a downward sloping trend line that comes in near 540. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.