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Ag Markets Perplexed About U.S. Corn, Soybean Acreage, Successful Marketing Newsletter Says
The weekly crop progress reports continue to perplex traders and analysts alike.
Everyone is patiently waiting for the results of the acreage re-survey in the August 12 USDA report.
In the meantime, everyone seems to be asking the same question - What is the best way to calculate yield potential given the slow crop progress?
See answers to this question in this week's Successful Marketing Newsletter.
Many analysts are reluctant to give a number and have a strong feeling that it is valid given what we know. I think the big reason behind the lack of confidence is because there is not enough prior data to compare. I feel we will see more yield predictions after the August crop report.
The charts show the bears in control. Major support levels were broken this week in corn and soybeans.
See this week's Successful Marketing Newsletter.
The early July lows were breached and so far we have seen lower lows in two consecutive days.
December corn is within a few pennies of major moving average support line. November soybeans are about a dime away from a major retracement target that should attract buyers if prices get there.
See this week's Successful Marketing Newsletter to see where those prices sit.