The corn futures trade is pricing-in the harvest activity currently underway in the 18 states that have made-up 94% of last year’s corn acreage. Corn futures are up almost .03 cents today trading at $3.895 per bushel at the Chicago Board of Trade.
The nation’s primary corn producing states begin in the Great Plains region from as far south as Texas straight up to the Canadian boarder, to as far east as Pennsylvania. As of Sunday, the USDA reports the cumulative amount of states producing corn are 18% harvested which can be compared to the five-year average of 23% harvested at this point in time.
“Some of the corn producing states are way ahead in their harvest than others,” said Nicholas Medina, a futures and options specialist for Capital Trading Group in Chicago, sharing his assessment regarding the fundamental situation of the corn futures markets. Medina adds, “In the next month the corn (futures) trade will be looking even closer at the harvest progress – still early in the corn harvest period for something definite to be foretelling.”
Corn futures trend is down, however at a crossroad. If corn futures can trade above yesterday’s high of $3.925 per bushel in the next couple of days, that could change the technical picture.
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