Corn Futures Up on Hints of Demand

Corn futures rebounded today on the outlook domestic prices have dropped so low, that demand from US corn supplies have become attractive.  The United States continues to be the world’s biggest grower and supplier of corn.

The USDA reported yesterday corn export inspections increasing 49% last Thursday, compared with inspections a week earlier (we might have something here…!).  Corn futures were down just over 3% last week, and is down 13% since the recent highs of August.

Kevin Craney, a senior commodities broker for RJO Futures in Chicago, stated today regarding the current corn futures situation, “Corn (futures) continues to deal with a tight supply, and the recent dip in prices as brought some marginal demand back to the market. (Corn) prices will have to continue to climb in order to deal with the tight supply situation.”

The trend for corn futures is technically down, but in my opinion the action has been base building which appears a “bottom” MIGHT be in place – again, maybe.  I am trying to keep my powder dry just long enough for these markets (and corn futures) to prove to us their next intended direction.

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