Corn futures extended their lows to prices not seen since October once the USDA released the latest planting progress statistics from last week. Corn futures are currently down just over .04 per bushel at $3.57 at the Chicago Board of Trade.
Evidently the planting progress showed farmers busy at a “rapid pace” in the Midwest with 55% of the domestic corn crop planted. Compare this to nearly 28% of corn planted this time last year, and the five-year average of 38% for this time of year.
Nicholas Medina, a futures and options specialist for Capital Trading Group in Chicago, shared his fundamental analysis regarding the current corn futures situation by stating, “I know it sounds redundant, but farmers are ensuring they get their (corn) crops in while the weather id to their benefit.” Medina adds, “The weather has been rather ‘kooky’ this year east of the Continental Divide.”
The trend for corn futures remains down with no bottom yet in sight. I suspect corn futures will be due for some type of relief rally soon…
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