Corn futures have seen their sixth down day in the last seven sessions with prices slumping nearly .60c a bushel since only last week as weather concerns have subsided. Corn futures are down .055c today currently trading at $3.985 per bushel at the Chicago Board of Trade.
The USDA provided a better than expected report in their weekly corn crop ratings earlier this week and even adding no significant damage yet to be seen as harvest is well underway. Now that the weather prospects are becoming more favorable, the chances of corn becoming stressed before its pollination period is subsiding.
“We have all been following the (corn futures) crop weather story closely,” said Gerry Plotkin, a Senior Market Strategist for R.J. O’Brien in Chicago, sharing his fundamental assessment of the corn futures market. Plotkin added, “All the areas we were concerned with for dryness appears to have cooler and wetter weather ahead, and the (corn futures) market is reflecting this development.”
Corn futures technical trend remains “up” even after this recent fallout. However, if corn futures were to take out today’s low, it could possibly change the trend downward.
ALL COMMENTARY IS CONSIDERED OPINION & VIEWS FROM THE AUTHOR AND NOT A SOLICITATION OF ANY SECURITIES. THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.
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