Corn Prices Lower Off Bearish Crop Report

Corn Futures--- Corn futures in the December contract are currently trading lower by $0.10 at 3.47 a bushel reacting very negative off of the WASDE crop report estimating 169.9 bushels per acre which is above estimates coupled with the fact of rising stocks with a production number in 2017 right near 14.2 billion bushels as prices are right near contract lows once again.

At the present time I am not involved in corn, but if you are short continue to place the stop above the 10 day high which stands at 3.62 as prices look to retest the contract low at 3.44 as harvest is about 5% complete and should be in full swing come next week as that's when we will really see actual yields in my opinion.

The state of Illinois and Iowa have not rained for about a month, but is having very little impact on production numbers which is very surprising, however we have had very cool weather, but I do think corn prices and the grain market are in the midst of bottoming out.

If you're not involved wait for a brand-new trend to develop as I think were starting to squeeze blood out of a turnip to the downside despite the fact that we are trading under the 20 and 100 day moving average as this trend still remains bearish.TREND: LOWER---CHART STRUCTURE: --EXCELLENT

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