this is an idea based on fundamental and technical analysis , we are at a potential buy setup as the fundamentals(the report referred) suggest a minor supply and bad planting timing of the crop.

it has to be remarked to read the comment of the acreage report at the end of the document and understand how the crop grows.
if focused only on the first page of the acreage report (acreage of corn +3%) you can see that at the date the market receipted as a major supply(a sharp drop of price) but it did not account for the very late planting time and it can affect the developing of the crop.

all the important reports:
USDA acreage acrg0619 pdf (28/06/2019)
USDA crop progress prog2919 pdf (15/07/2019)
(search by your self)

the setup is a buy if do not drop significantly below the parallel channel and watch the further development of the crop to maximize the profits in the closing of the positions.

the latest report of the USDA indicate an improvement of the growing stage of the corn , but it is still significantly below compared year on year, also the crop quality has this deficit.


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