Corn was strong last week on a shortened trading week
I should say strong on the last day. We saw healthy green numbers
Do you think this strength will continue this coming week???
Thanksgiving for the bears and Xmas for the bulls. Dec. Corn the BIG number is 375.
Could we have put in a spike low last week? Market action will playout. MHO and for myself I won't be short corn now thru the end of the yr.
March corn has broken out above Fridays high of 382 and is at last weeks high of 382.75.
Argentina weather is bullish. Latest models have rain chances coming in later in week 2 but still dry before then.
Basis levels in the Midwest for corn right now are very high considering the time of year-harvest so the market is telling us something about the current supply here.
Argentina is the number 2 corn exporter globally.
World corn/soybean production/exports
https://www.marketforum.com/forum/topic/43733/
South America crop/weather
https://www.marketforum.com/forum/topic/43144/
March Corn spiked to a 2 week+ high of 383.50 but could not stay up there.
Last time that we were that high was on November 15th. However, we came back down and traded 1c below unch and are just above 381 right now.
Models bring rains back in for Argentina during the late week 2 period.
They keep rains going in Brazil.
Last 12z run of the GFS operational model is showing a ton of rain coming to Argentina in week 2!
No longer long corn for this reason but still bullish for other reasons.