Corn Futures Lower on Signs of Better Yield

Corn futures continue to hug their lows as indications of better corn yields from favorable harvesting weather are evolving as better than expected.  Corn futures continue to fluctuate in the price range of the last two trading days.

USDA data now shows 55% domestic crop conditions rated good or excellent as of September 22nd, thanks to recent rains.  A prominent weather forecaster says “widespread heavy precipitation will allow for ‘fairly good’ harvest progress in the next two weeks (with little frost threat).”
           
Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, had this to say regarding the current corn futures situation,In my opinion, we are hearing of higher yields coming from the farmers.  We had a great season for Corn and likely will see high carry out.”  Moreno adds,If you look at the future prices of corn it shows a market that has ample supply.”

Corn futures trend remains down with no bottom yet in sight.  I’ve been trying to reinitiate new short positions, but am now thinking corn futures need to retrace higher for a better trading opportunity.

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