Charts of the Day – July 28, 2021

Chicago Wheat

Afternoon Market Commentary – July 28, 2021

by: Chris Betz

Corn Soybean Wheat
Old Crop (futures month, change, settle price) CU1 0’4 549’2 SQ1 13’6 1432’0 WU1 14’2 688’6
New Crop (futures month, change, settle price) CZ1 2’6 549’0 SX1 1’4 1361’0 WN2 10’6 687’4

Technical Thoughts – July 22, 2021

By: Ken Lake

CU21 traded briefly above 571 resistances yesterday but failed to fill the gap from 570-588 and this morning is offering a pretty firm sell signal.  The 10 and 20-day moving average is once again converging near 557/559 area which only highlights the period of weather volatility that we are in.

The current trend in corn is sideways but after making the three previous highs spot corn futures have lost an average of $1.20 per bushel on the correction.  We are poised to make three consecutive lower closes on weekly charts.  It’s pretty easy to make a case that contract highs are in and more than likely long-term highs are behind us.

CZ21 traded to 573 yesterday but collapsed to close below support.  The contract displays the same 10-20-day moving average convergence which will offer support around 550 but similar to the Sep contract, Dec has corrected an average of $1.19 per bushels after trading the three previous highs.  The contract is currently pacing sideways awaiting the next weather forecast.

SX21 is following it current downtrend line and offering firm sell signals this morning.

10 and 20-day moving averages are actually poised to cross to more bullish territory and may offer support around 1365 today.  Additional support comes in at 1351, 1325.

WU21 is offering a sell signal today.  Support is 671.

Fertilizer Update – June 24, 2021

By: John Ezinga

Rain makes grain. Apparently the traders are feeling more comfortable with the crops every day. Although there are still some wild cards out there…..prices are soft vs where we were at just 30 days ago.

MAC has been advising to lock in the spread on your inputs and outputs this spring. But as the affordability index is clearly showing it may be time to be patient when looking at forward booking your fertilizer for fall and beyond.

The last measure on this index is showing my best guess for 2022 summer fill offers on NPK vs Corn December 2022 cash Middleton price. So basically this is the starting point for a new year of inputs and outputs comparisons.

This spring has been filled with its challenges and also filled with good field working days. We appreciate your business and as always we will continue to work for you. If you have any questions on the Charts feel free to contact the Middleton team.