Corn futures extended losses from yesterday once the USDA report revealed US plantings in the Mid-west happening at a rapid pace. July Corn Futures are currently down .06c (as of this writing) at the Chicago Board of Trade.
The USDA actually stated yesterday as of Sunday approximately 9% of the corn crop was planted – 2% more than the prior week. This is to be compared with nearly 6% of the domestic corn crop being planted the same time last year.
Devin Brady, President of Progressive Trading Group in Sherman Oaks, CA, shared his fundamental analysis regarding the current corn futures situation by stating, “The pace of corn plantings has picked up as farmers have been taking advantage of the favorable weather.” Brady adds, “The corn plantings, however, are still lagging behind the five year average.”
The trend for corn futures is down while the market tests its recent lows, and last months low. The seasonal tendency is for corn futures to soon rally, but with glut stockpiles world-wide, we may have a counter-seasonal trend in the works.
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.