Corn Futures Prep for European Demand

Corn imports to European nations are expected to surge through next harvest after worldwide drought and and other circumstances stunted European grain supplies.  Corn futures have begun a renewed (technical) uptrend last week when corn prices hit a four-week high.

The Int’l Grain Council says the EU issued licenses (since the beginning of July) to import more than twice the corn than it did the year before.  They also stated purchases of corn are expected to rise by 59% which is the second most highest since 1999.

Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, stated today regarding the current corn futures situation, “US corn (futures) prices could rise to record levels in the coming months as global grain markets continue to feel the shock waves of severe weather disruption to harvests from the United States, to Europe, to Australia.”

Corn futures have backed off their four-week high made last week when the technical trend turned upward.  I am looking for lower-risk opportunities to the long-side of the corn futures market.

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