Corn Futures---Corn futures in the December contract settled last Friday in Chicago at 4.42 a bushel while now currently trading at 4.51 up about $0.09 for the trading week hitting a 2 week high. The WASDE crop report was released yesterday and it was bearish but prices rallied about $0.09 as they did not believe the number as carryover levels were raised coupled with the fact that production numbers for 2019 are estimated to be 13.875 billion bushels as that was up nearly 200 million bushels.
Corn prices are trading above their 20 and 100 day moving average as the trend is higher as the main focus now is weather and believe it or not certain areas rain will be needed soon as I still think corn prices go higher, however I'm not involved as my only position in the grain market is a bullish soybean oil trade. In my opinion I think prices test the June 17th high of 4.73 and if that does occur as I've stated before I still think prices would trade above the $5 in the coming months ahead especially if hot and dry weather comes about.
The August crop report will really show what the true acreage for corn and soybeans are and a much more accurate number on production as the volatility over the next 2 months is going to remain exceptionally high.
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