Corn Futures–-Corn futures in the July contract is sharply higher this Friday afternoon in Chicago up $0.12 breaking the critical 3.99 while currently trading at 4.02 hitting a fresh yearly high as massive rains continue to pound the Midwestern part of the United States.
As I write this article the state of Illinois is raining once again as we literally have rained every single day as there are severe problems with getting this crop planted. The 7/10 day weather forecast still has heavy rains and mild temperatures as I still think there’s room to run to the upside as I was looking to sell corn, but at this point in time I think higher prices are ahead as I am sitting on the sidelines.
Corn prices are trading above their 20 and 100 day moving average telling you that the trend is higher as this market literally 2 weeks ago was hitting a yearly low and now it’s hitting a yearly high as volatility certainly is here to stay.
Estimates are between 2/4 million acres being reduced in corn as that could even be larger in my opinion especially if the rainy conditions persist as I currently am recommending a short position in soybeans and soybean meal as I think the acres will be added into that complex.
CHART STRUCTURE: POOR
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