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Soybean Market Low Seen Ahead of USDA's August Report

And, what do the charts show?

If you ask economists why they like to have so much data, they will most likely say it helps provide a clearer picture when trying to make comparisons.

What happens when we are forced to use data that is at the extreme (meaning at or near records)? This is that year!

This is this week's Successful Marketing Newsletter.

The record-slow planting pace is, as expected, leading to very slow crop development. The weekly Crop Progress reports show us comparisons to the five-year average and last year. I feel most of the trade is looking at the five-year average.

The story is even worse, if we compare to last year.

This is this week's Successful Marketing Newsletter.

I like the idea of comparing last year and trying to make an educated guess at what production could be this year.

It is no secret that I like to use charts. I have my favorites that get updated and reviewed daily. Currently, the corn charts have some timing counts that are coming due soon.

Download the article to see when those counts are due to unfold. This is this week's Successful Marketing Newsletter.

I am also watching key levels of support on the December corn contract. The $4.20 mark is a major support line. If it fails, I could see two scenarios playing out.

The first scenario would be a run at the stops just under the major support. In this scenario, the 'bears' will try to hit the stops that are resting just under $4.20 per bushel and then they will sit quietly. This could push prices toward $4.15 per bushel, if there are a lot of stops.

The second scenario would be a continued grind down to $4.06.

Check out the chart on the download to see why that price is important. This is this week's Successful Marketing Newsletter.

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