Corn Futures Extend Losses on Midwest Rain & Weather

As wet and favorable weather has improved the outlook for domestic crops, corn futures have plummeted to nearly a three-year low.  Corn futures (December delivery) has been down nearly 3% today after reaching $4.82 per bushel (as of this writing).

In Iowa, the state which is the top producer of corn (and soybeans), six to ten days of precipitation rain is expected in parts of their growing region, plus in Illinois.  In parts of the Mississippi River Delta corn growing region, expected rain is also expected to increase the crop prospects.
           
Cooler temperatures and rain in the central corn belt pushed the corn futures lower today.  Weakness is expected to continue as forecasts for the next two weeks are calling for further rains and the cooler temps to continue, as the corn goes through the pollination,” said Barb Levy, chief director for Futures & Options Xecution’s futures division in Chicago, regarding the current corn futures situation.

Corn futures trend is clearly down with no bottom yet in sight.  I offset the short corn futures position prematurely yesterday looking for a temporary spike higher in prices that didn’t materialize.  Now I DO NEED for corn futures prices to rally higher for a lower-risk way back in this market.

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