No Reason To Be Short Corn
Michael Seery of Seery Futures - InsideFutures.com - Tue Jun 11, 12:37PM CDT

Corn Futures---Corn futures in the July contract is sharply higher this afternoon off of the WASDE crop report as prices are up $0.12 at 4.28 a bushel looking to break the contract high which was hit on May 29th at 4.38 in my opinion.

The crop report stated the production numbers went from 15.1 billion bushels in 2019 down to 13.7 billion as you're talking about a 9% decrease in production and I still think that number is very high as my numbers are in the high 12 billion bushel level at the end of the year as we still have an incredibly long growing season.

Carryover levels dropped 810 million bushels down to 1.7 billion bushels which are at the lowest since 2014 so stay long if you are long as I see no reason to be short corn.

Corn prices are trading far above their 20 and 100 day moving average as the trend clearly is very strong as corn acres shifted into soybeans as their production number was left unchanged today. If the Midwestern part of the United States starts to experience hot temperatures with no rain in the month of July this market could absolutely explode to the upside so look to be a buyer on any price dip as the downside is very limited in my opinion.

TREND: ----HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

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