Corn Futures—Corn futures in the December contract finished unchanged at 3.89 a bushel which is considered the new crop and is currently being planted in the Midwestern part of the United States as I will now focus on this contract for the rest of the growing season.
The WASDE crop report was released today stating that carry over levels increased slightly now over 2 billion bushels up about 200 million more than expected, however extremely cold and snowy weather could be entering the western corn belt as that could delay some planting as we are now entering a weather market in my opinion.
At the current time 2% of the corn crop has been planted mostly in the southern part of the United States as we will be in full swing next week in my opinion as we will plant around 92 million acres this year as we could produce another outstanding crop unless some type of drought develops.
The last weather problem we experienced was in 2012 and that was devastating especially to corn as prices went up to the 8.50 level as that rally started in mid-June as we had devastating yields across the midwestern part of the United States and that situation could occur again as I’m very reluctant to take a short position at these depressed prices.
I will be looking at a possible bullish position soon & if you look at the weekly chart there could be a quadruple bottom that has occurred around the 3.80 level so look to play this to the upside as I think the risk/reward is in your favor to be bullish.
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