Corn Futures Realizing Best Crop Start in Five Years

The USDA is assessing the current corn fields “in the best shape” going forward in the last five years since dry weather allowed early plantings and rain afterwards gave the corn crops a good start.  The gov’t also stated more than75% of the corn crop was in “good or excellent shape” as of recent.

This was the USDA’s first assessment of this year’s corn crop, and they estimate 96% of all domestic corn was planted – compared to 75% this time last year.  This year’s corn plantings are also ahead of the five-year average of 81% corn plantings for this time of year.

Kevin Craney, senior commodities broker at RJO Futures in Chicago, said this today regarding the current corn futures situation, “…weather is going to be a key factor moving forward. Forecasts for the 6 – 10 day period point to warmer weather and reduced precipitation chances.”  Craney added, “Soil moisture levels in some areas of the corn-belt are already low, and this will become critical in the development of the crop moving forward.”

Corn futures have been see-sawing back and forth for the past few months in a sideways trading pattern, but today’s high have technically changed the trend for corn futures to up.  I’m looking to buy long tomorrow as long as my corn futures conditions are met.


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