Heat Damage Seen Limited; Corn Futures Lower

Corn futures have fallen for a second day on the outlook of any damage to plants that may be damaged due to hot, dry-weather lately may be limited.  It is determined that corn has passed the critical pollination stage of development.

The Nat’l Weather Service has reported little or no precipitation falling on the biggest corn producing fields in the last two weeks.  The dry weather, the forecaster says, “favors any easy-maturing crops while stressing late-maturing crops” – thus, the spike in recent grain prices.
           
Concerns about the excessive heat in the Midwest sent the corn futures higher late last week, and early this week. However, the corn futures has since sold off as traders realize that the corn crop is far enough along in development, that the period of heat will likely do little to harm the crop,” said Barb Levy, chief director for The Fox Group’s futures division in Chicago, regarding the current corn futures situation.

Corn futures trend, despite the recent spike in price, remains down.  We would need a follow-through to the breakout high with a few days of trading to change this trend.

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