Still on the Retreat: Corn Futures

There is now an outlook that improving weather in the Midwest will expedite corn planting.  That’s good news, but for corn futures they continue to plunge to almost their lowest price in over nine months.

A prominent weather forecaster in the Midwest says “less rain” is expected to fall in some corn growing regions over the next week, or two.  This should reduce any corn-planting delays as nearly 4% of the corn crop is seeded as of last week (USDA).            

Earlier this month corn futures ran up on worries that cold, wet weather would delay plantings. However, recent forecasts are for a break in the weather in the next couple of weeks that will allow farmers to make good progress on plantings, and ease concerns of tight supplies,” said Barb Levy, chief director for Futures & Options Xecution’s futures division in Chicago, regarding the current corn futures situation.

We are currently short corn futures as of this writing.  The trend is clearly down as corn futures test their recent lows.

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