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Re: new lows into close today
In Response To: new lows into close today *NM* ()


Here is a commentary from this Mike Seery:

Large Funds Are Short Corn
Michael Seery - IF - Wed Oct 11, 10:17AM CDT

Corn Futures---Corn futures in the December contract are trading slightly lower for the 3rd consecutive session down 2 cents at 3.47 a bushel as traders are awaiting tomorrow's crop report with estimates of around 14.2 billion being produced in 2017 with an average of 170 bushels per acre as this market still remains on the defensive in my opinion.

Corn price are right near a 4 week low trading under their 20 and 100 day moving average as harvest is around 22% complete which is far behind the 5 year average of 37% due to some rain in recent days, but that should pick up rather quickly as I don't see any problems persisting for long periods of time. Prices look to retest the August 31st low of 3.44 as that report tomorrow should send some volatility back into this market as the volatility at the current time is very low and that seasonally does occur during the month of October due to harvest as the large monetary funds are short 143,000 contracts as they are betting tomorrow's report will be bearish and that the trend will continue to the downside.

In my opinion I don't see much action for corn for the rest of 2017 but I do think 2018 there could be some light at the end of the tunnel to the upside, however look at other markets with a better monetary potential scenario.TREND: MIXED---LOWERCHART STRUCTURE: EXCELLENT.

Messages In This Thread

Z corn question
Re: Z corn question
new lows into close today *NM*
Re: new lows into close today