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Corn Sharply Lower Off Crop Report

foodmate 2018-09-14
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Tag: corn crop

Corn futures in the December contract is sharply lower reacting negative to the crop report stating that U.S and worldwide supplies were much higher than expected coupled with the fact that the bushels per acre hit 181.3 as production numbers are now at 14.830 billion bushels sending prices to a 2 month low.

Corn prices are lower by $0.13 at 3.53 a bushel as I’ve been recommending a bearish position from around the 3.66 level & if you took the trade place the stop loss above the 10 day high which now stands at 3.70 as I still believe we will break the July 12th contract low at 3.50 possibly in today’s trade.

The problem with corn and soybeans is that we have too much supply as we continually plant more year in and year out as I see corn prices now possibly going to the 3.00 level later this year as harvest will begin later next week putting more pressure on prices in my opinion.

Corn is trading far below its 20 and 100 day moving average as the trend is to the downside as I am also recommending a bearish soybean oil trade as I see no reason to own the grain market at this time as seasonally speaking harvest puts pressure on prices especially when a massive crop comes about.

I will be looking at adding more contracts to the downside if the contract low of 3.50 is broken as the risk/reward is in your favor, however the chart structure will not improve for another 9 trading sessions so you will have to accept the monetary risk at this time.

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