Corn in an interesting spot here as we reach the late quarters of the rate hike cycle. We are on watch for potential shorts following the success of the soybeans trade linked below.
Latest Fundamental Data👇
Corn Harvest Progress 🚜➡️🌽
▓▓▓▓▓▓▓▓▓▓▓▓░░░ 81%
Export Inspections 🚢➡️🌎
535,191 Metric Tons
⬇️ 5,594 Metric Tons week vs. last week
⬆️ 89,498 Metric Tons this week vs. this week last year
⬇️ 160,191 Metric Tons this week vs. 5-year average
Corn Technicals 💹
We will keep this post short and sweet, but after today's close...
Fundamental Data👇
Corn Harvest Progress 🚜➡️🌽
▓▓▓▓▓▓▓▓▓▓░░░░░ 71%
Export Inspections 🚢➡️🌎
531,516 Metric Tons
⬆️ 82,255 Metric Tons week vs. last week
⬆️ 58,922 Metric Tons this week vs. this week last year
⬇️ 53,968 Metric Tons this week vs. 5-year average
Export Sales🗺️
18,275,443 Metric Tons (Cumulative, Current Marketing Year)
⬆️ 4,180,245...
Corn future December went all the way down to Fibbo 0.618 on which it stumbled.
Stochastics are showing a bullish divergence, from the underlying future
That is a nice Buying signal
10yr Corn outlook: 1 thought (of many) on the potential course of the corn market for the next 10 years. I feel the job of the current market is to find a price high enough to ration future demand. Could be current price, 8.50, or 9.50. The potential is there for any of those numbers to mark a major swing high for Corn. The higher that mark is nearby, the...
Corn Fundamentals ( CBOT:ZCZ2023 )
Corn Harvest Progress 🚜➡️🌽
▓▓▓▓▓▓▓▓▓░░░░░░ 59%
Export Inspections 🚢➡️🌎
437,549 Metric Tons
⬇️ 29,055 Metric Tons week vs. last week
⬇️ 22,514 Metric Tons this week vs. this week last year
⬇️ 370,24 Metric Tons this week vs. 5-year average
Export Sales
16,176,285 Metric Tons (Cumulative, Current Marketing Year)
⬆️...
As above.
1M chart looking likely for continued bearish trend.
Watch for break in yellow channel support line and likely long term red diagonal resistance line on the way down.
Will follow.
Good luck traders.
Last week, we were looking for a potential bottom in corn. Since then, we’ve mostly traded sideways to slightly higher. However, the end of this week brings a “triple-witching” event - the end of the month, the end of the fiscal quarter, and the quarterly grain stocks report all occur on Friday. In last quarter’s grain stocks report, the market sold off fairly...
After scoring a new contract low early in Tuesday’s trade, December corn futures managed to stage a late-session rally to close in positive territory. Moreover, the contract managed to close above trendline resistance that’s been in place dating back to June 20th.
Price action on Wednesday served as a continuation of the late-session strength, with the contract...
After a long period of sideways trading within MJT and MNT lines , Corn is trying to establish a base for an upside counter-swing. A clear close above 508 will confirm it and clear the path for an extended rally. Today USDA will release the weekly export sales report which could be the catalyst that ignite this counter-swing.
I don’t know why these support and resistance so well. I had a 1.9gpa in hs bc I was poor and wanted in skilled trades to make money. But I realized my back and ankle issues make it impossible to make money where I’m at. So I learned this. I don’t invest but I want to work at Citadel one day.
The recent information that could make corn prices increase in the near future include:
The war in Ukraine: The war in Ukraine has disrupted global grain exports, including corn. Ukraine is a major exporter of corn, and the war has prevented it from exporting its grain. This has led to a shortage of corn on the global market, which has pushed up prices.
The...
In this idea, I am trying to read and forecast the behavior of the chart in the next 4.5 months . I do not follow corn production, harvest, demand, etc.
Since April 2022 (its 9-year highs) has lost about 40% . Its relatively long-going bearish trend means that most of the drop likely has happened.
Let's quickly study previous drops that lasted more than a year...
Fundamental News
Lack of demand has been a widely reported story which has acted as a major headwind for prices over the last month. This morning’s weekly export sales report showed net sales of 233,500 MT (9,192,486 bushels) for 2022/2023 were up 55 percent from the previous week and 16 percent from the prior 4-week average. Net sales of 704,700 MT (27,742,805...
