Corn is breaking a minor decending TL to the upside, and has been at a
On the backdrop for Corn we have historical USDA low usage of corn stocks ratio, and a very big reversion in the ammount an avarge corn bushel yields x arce farmland down from 2009 about 34%!!
+ for corn indicates peaking prices in May.. Historically, another backdrop to pay attention to.
January 4th 2013 had a dramatic drop in crude inventories -11M vs. -0.7M
December 11th 2011 had a dramatic drop in crude inventories -10.6M vs. -2.8M
Crude inventories proceeded to pick up in the weeks after, with a price drop of about 20$!
The same thing happened in 2010 late to early 2011, but the price dropped way less, about 5$ or less.
Crude price bottom in late february and rise up to May, another backdrop to pay attention to.