Will Corn Prices Fill The Gap ?
Michael Seery of Seery Futures - InsideFutures.com - Sat Jul 20, 11:12AM CDT

Corn Futures---Corn futures in the December contract which is considered the new crop is currently trading at 4.36 a bushel after settling last Friday in Chicago at 4.59 as extremely warm temperatures have entered the midwestern part of the United States coupled with the fact of heavy rains and that has pushed prices lower. The crop development should start to improve as hot & wet weather is what corn and soybeans like as that is exactly what is occurring at this time as the weather will turn cooler next week.

The large money managed funds are still long around 180,000 contracts as they still believe higher prices are ahead as I am currently not involved, but I do think the downside is limited as I would just love to see the gap at 4.20 be filled as then I will be entering into a bullish position. Traders are awaiting the August 12th crop report as that certainly will send some clarity into this market as we don't know how many acres were actually planted in 2019 so look to be a buyer on some type of price dip.

Corn prices are now trading right at their 20 day but still above their 100 day moving average as the trend is mixed as we really have gone nowhere since late May as we are awaiting some fresh fundamental news to dictate short term action.




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