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| Corn market looks flat to down going into harvest short term
!. USDA drops averaged 2018 expected farm price from $3.90 to $3.60 almost 10% in one report with higher than expected yields. This is a big factor.
2. There is almost zero chance of the annual frost scare rally the first week of September due to crops reaching maturity quicker this year
3. Rain event on Monday looks like it will be above expectations with high precipitation totals to finish off a large area
4. There will always be plenty of selling during harvest as landlords on crop share want their money and bonus bushels get sold for cash flow
5. Trade war got some positive news to end the week but there is sure to be more negative trade war news to come
6.The crazy high soybean yields are going to be a real ball and chain on soybean market which will also way on the corn market
The annual pre profarmer crop tour fear of the unknown rally at the weeks close appears to be a short covering relief rally. If wheat can continue higher and with less corn out of Ukraine and more bean acres to be planted in South America things should turn around at some point but it just looks like another dead dog flat market going into the midwest harvest.There is plenty of corn out there. There will be a lot of bottom picking this year but trade war fears could cause a big flush out especially when you factor how volatile the stock market has been lately which could tank in a heartbeat.
Edited by tex 8/19/2018 07:53
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Bearish Factors in Corn seem to outway Bullish in Corn
