Tech Guy Opening Calls & Comments for 8/2/22
Sep Wheat - Steady
Sep Corn - Steady to 1 Lower
Dec Corn - 3 to 4 lower
Nov Beans - 3 to 5 Lower
In both Dec Corn and Nov Soybeans we are patiently waiting for trade to finish marking out the right shoulder of there respective W corrections. 589, which is also the top of the gap, should hold support in Dec Corn.
1374 Should hold up Nov Beans and function as support. The top of the gap is 1358 in beans. The only other thing going on in my technical and weather world is hot temperatures in 5 big production states - southern MN, IA, NE, SD, KA.
These are the 3:20 CDT temperatures today. I'm guessing crops are under stress. How many days of these temperatures will we have.? It could become a problem with little precipitation.
I hope you like temperature maps, numbers and detail - here are 4 state maps and from usairnet.com. Sometimes it helps to see all the bits of data and pictures to see what is going on. These temps were forecasted and now they are materializing.
The order of maps will be MN (southern area affected), IA, SD then NE and US.
I count 12 stations at or above 95 in the south - there may be more.
Here is Iowa:
I count 22 stations at or above 95 - may be +/-2.
Here's South Dakota:
I count 13 at 95 or above. 5 at 100 or above
Here is Nebraska:
I count 26 at 95 or above, 10 at 100 or above.
Here is total US map where you can also see Kansas, Do you remember the farmer describing the Kansas situation a week or so ago?
I am trying to wrap my mind around what's really going on with production, where should price be, the balance sheet, etc. All I know here is this heat covers quite a bit of production real estate for corn and soybeans. When will trade again respond to the less than ideal conditions/forecast? Let's see what happens tomorrow.