Corn futures continue to be weighed down for a second trading day as a new outlook for drier weather in the Midwest’s corn-belt shift views back to expectations for a record crop from harvest delays just last week. Corn futures have found support at $3.45 per bushel today which is just over .13 cents from high’s only yesterday.
A prominent weather group forecasts “very limited rain” over the next couple weeks and this dry-spell should allow the corn harvest to get back on schedule. American farmers are expected to reap the biggest corn (and soybean!) harvest…ever.
The trend for corn futures has only recently turned up in an emerging new trend early this week. We can still see another test of the corn futures low from the very beginning of this month before this trend either emerges, or trades sideways into the next seasonal low time period in December.
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