Have Corn Prices Bottomed ?

02 Sep in Blog, commodity consulting, commodity trading, corn futures, futures broker, Kansas City wheat, Michael Seery, Minneapolis wheat, oat futures, rough rice futures, Seery Futures.com, soybean futures, soybean meal futures, soybean oil futures, wheat futures

Corn Futures--- Corn futures in the December contract which is considered the new crop and will start to be harvested over the next several weeks settled last Friday in Chicago at 3.25 a bushel while currently trading at 3.28 up about $.12 over the last 2 trading sessions and up slightly for the trading week. Corn prices hit a new contract low around 3.15 a bushel before this recent rally as the interest rate outlook does not look like rates are going higher pushing up many commodity prices this Friday afternoon as I’m sitting on the sidelines in this market as I think there is very little movement ahead pricewise.

Traders are awaiting the next USDA crop report which will be out in the next week or so looking at lower possible yields as a short-term bottom might be a place, but I still see weakness throughout 2016 as we just have oversupply issues as there are better markets to trade at the present time.

One bright spot in the corn market in my opinion in 2017 will be the fact that I do believe lower acres will be planted therefore a record crop will not be produced as we also have not had a weather problem since 2012 as I think a bullish scenario could play out next year, but for the remainder of 2016 I see sideways to lower prices ahead due to massive supplies coupled with a record crop starting to come onto the market. TREND: LOWER–CHART STRUCTURE: SOLID

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