Corn Futures Rally on Most Corn Sold Since 1994

Just recently the USDA reported its single biggest export sale of corn since the early 90’s, but apparently corn speculators reduced their long speculative positions just before corn futures rallied the most in a two-day period in almost a month’s time.  Timing is everything in this business…

The Commodity Futures Trading Commission reported (week ending April 24th) the biggest decline of bullish corn futures positions since mid-2010 with 30% of bullish positions being offset.  The CFTC also clarified it was “money managers” reducing their positions.

Any selloff in old crop corn (futures) should be well supported as ending stocks are quite low and prices will have to stay high in order to ration. Demand from Asia remains quite strong,” said Kevin Craney, Senior Commodities Broker for RJO Futures in Chicago, regarding the current corn futures situation.  Craney added, “China remains an opportunistic buyer of corn, and we should continue to see this kind of demand going forward.”

I don’t feel as if though I am “missing out” on this past corn futures move since the technical trend of corn futures is actually DOWN.  It is even more accurate to say corn futures has been trading “sideways” for the better part of this year.  I am awaiting a clear picture in corn futures before getting involved.


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