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...
Chicago Board of Trade corn futures closed weaker on Tuesday and hit their lowest level since December 2020 on improving US crop conditions.
Expecting that the price is going to make lower low in upcoming time and this trade is a low risk trade with good Risk to Reward Ratio.
This Fib layout consists of the most important agricultural commodities. Beef, Pork, Soybean, Corn, Wheat, Rice, and Orange Juice Futures.
-Orange Juice is sold as a frozen concentrate which makes it a commodity.
Each Schematic is worked through by Large Institutions on behalf of the Fed.
Market Manipulation through inflation and destroying meat processing...
Yield reports from August USDA’s reports dropped the fresh crop corn yield by 2.4 bushels/acre to 175.1. Since there were no new acreages it also set the potential output to 15.111 B bushels.
Worldwide the old crop puts the Brazilian output at 135 MMT increase of +2 MMT. Brazil's CONAB raised their corn production forecast by 2.2 to 130 MMT on better 2nd crop...
Analysis: Price extends decline due to the release of the August USDA report towards the recent low, which was also formed due to the release of the July USDA report. Price can be seen as extended and with price now at support region, it is likely that price will begin experiencing retracement soon.
Long opportunity: Long at market reopening as High Risk trade...
Corn has continued to sell off over the last few days and is now approaching our blue buy zone from USX 496 to USX 470. The downward movement in the form of the blue wave (b) should end there. Subsequently, we expect the blue wave (c) to rise to around USX 600, making it worthwhile for prospective buyers to place long orders in our blue buy zone. Our alternative...
Corn experienced a sharp decline supported by the recent higher than expected stock report. However, price is overextended and is supported by the recent low support level.
Long opportunity: Long at market reopening as High Risk trade towards 505.25 as Take Profit - 1 level.
As above.
Multidecade trend channel in progress with clear resistance/sell zones and support/demand zones.
Multiyear bearish RSI divergence on the 1M chart and decreasing volume suggests continued fall in corn futures price action over the next few years.
Will follow.
Asset Long according to CFTC futures reports
In the zone of the Buyer of stock options
Global Imbalance Level M15
M5 imbalance
input: 5302 (on imbalance retest)
stop: 5252
tp-1: 5352
tp-2: 5450
Corn consolidates in the 5.22-5.36 area on its way down to 4.99 if current weather pattern is accurate over the next week July 4th.
Disclaimer
Futures and options offer substantial risk and may not be suitable for all investors. This is not trading advice.
December Corn has had a nice recovery off the lows from May near 490'6, and now are looking to test what was old support and is now new resistance. A rejection here can send the markets lower and potentially look to test the 511 area, but a close out above the 546 level could be the strong catalyst needed to send these prices higher towards 562'6.
Corn is a versatile crop. It is used in a variety of ways. Corn is a major source of food for humans and animals. It is also an input in industrial products, such as ethanol and plastics.
According to the FAO, in the past year, over 1.1 billion tons of corn was produced worldwide. Gross production value stood at $192 billion, second only to sugarcane (1.8B tons)...
