Tech Guy Weekend Comments for 7/17/22
My data suggests we should have an up week in Dec Corn and November Soybeans. The 6-10 day forecast got hotter over this weekend. The chart pattern points up because of the double bottom and grinding sideways to higher priced small range days, and threatening weather/actual crop conditions deteriorating.
Looking at all my climate/rainfall sources, I think corn had a tough week last week - looking for conditions ta fall 2-4%. I have drawn blue lines upward where I think Dec Corn prices will go. First, up to about 682, then a retracement back down to 644. Then 3rd, back up to 729 to fill the next gap.
Now I want to show you some satellite images from NOAA of vegetation (crop) health in the US and and Europe. There are different data types to look at. You can look at many weeks and years, countries, etc. - 1 week at a time. It has healthy and stressed vegetation, vegetation change from last year, last week, etc.
Here are a few maps to give you an idea' but I'm also sending a link so you can browse all the maps you want. This is a very non-exact science because it is a fundamental. You have to compare and contrast several years with different data sets and compare to where corn is growing to get a sense of the crop health - yield potential. These maps, however can give you an idea of how the corn is doing.
US planted corn:
Change from last year:
Change from last week:
Europe change from last year:
Here is the link to global vegetation health: https://www.star.nesdis.noaa.gov/smcd/emb/vci/VH/vh_browse.php