Corn Futures—Corn futures in the July contract which is considered old crop is currently trading lower by 7 cents at 3.63 of a bushel as that has rallied as prices touched the 3.55 level early in the session as President Trump is threatening to slap China with tariffs possibly this Friday sending many agricultural sectors lower.
At the present time I am sitting on the sidelines, however I think there’s a chance that today’s price action is positive as prices tried to retest the contract low only to fail and if some type of trade agreement does come about I would think that the bottom would be created.
If you are bullish the corn market you could buy at today’s price level while placing the stop loss at the 3.51 level as an exit strategy, but if that level is broken you do not want to have a bullish position in my opinion.
Large money managed funds are short about 307,000 contracts as they covered around 15,000 last week on the 20 cent rally as they still believe lower prices are ahead and are also short record amounts of wheat and soybeans.
The planting progress report will be released this afternoon with estimates around 25% complete which is still behind schedule as we are still looking at rain entering the Midwestern part of the United States later this week as weather will be the main dictator of price action.
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