Corn futures are up today on the outlook that yields are looking more and more as the USDA estimates for this year’s harvest. The United States is the world’s biggest grower of corn and one of the top four most valuable crops.
Within the last two weeks, the USDA estimated the domestic corn crop to be 167.4 bushels per acre. An analyst from this year’s Pro-Farmer Midwest Crop Tour was quote yesterday saying “national yields probably won’t top 170 bushels per acre” – right in line with estimates.
Devin Brady, President of Progressive Trading Group in Sherman Oaks, CA, shared his insight regarding the current corn futures situation by stating, “After the huge move lower corn seems to have found some temporary support. Traders are still concerned about dry conditions in Eastern Iowa as the past week’s storms didn’t drop any rain on the region.”
Corn futures trend remains down with contract lows made just last week. Although I feel more short corn futures trades are ahead, my instinct tells me we may have some type of retracement higher to go first before new lows are made closer to harvest time.
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.