Export Sales Weakness Lowers Corn Futures

Once the USDA revealed US exports slipping, corn futures have drifted to prices not seen in nearly three months.  Just last month, corn futures were at record highs.

It has been reported earlier today, as of this time last week, US exporters only sold 368 metric tons, compared to over 69,500 tons just a week earlier!  Corn futures are even down 15% after realizing record highs of $8.49 per bushel in early August.

Much lower that expected export sales figures hit the (corn futures) market.  Demand has fallen off dramatically due to high priced corn (futures) and global economic weakness,” said Barbara Levy, chief director for Futures & Options Xecution’s Futures Division in Chicago, regarding the current corn futures situation.

Corn futures are now technically in a down-trend and we are short from earlier this week.  With a major USDA crop report scheduled of release early tomorrow morning, I am looking for a way out of the corn futures market.

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