Corn Futures Grapple With Global Output Seen Climbing to Record

Corn futures might be finding resistance the day after the USDA forecasted record global corn production and an increase in domestic inventories from this time last year.  Corn futures managed to close up 0.035 cents for the day.

Yesterday’s USDA report revealed world output for corn increased nearly 1.5M metric tons when compared to output this time last year.  They also report the surplus 95M bushels more than the prior year.

Kevin Riordan, director of research at Capital Trading Group in Chicago, had this to say regarding the current corn futures situation,The recent downward revision in for Corn output is lending little support to Corn prices.”  Riordan adds,At the end of the day, US corn stocks are 118% higher.” 

Corn future’s predominant trend has been down since September of 2012.  We are short March Corn futures from this level of resistance from earlier this morning.  The trend is still our friend…until the end.

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