There seems to be a penant formation in corn. In most years, it usually drops off from mid-January until planting season. But we are not in "usual" times. Thoughts?
IMHO Looking for an equal leg down to the 575 area by Friday/Monday. Agree with your assessment of an overall drop until closer to planting season.
Crop report today at 11central
Corn's rise on friday attributed to contract purchases by Mexico and S Korea. Since the weather forecast for southern Brazil is for some rain, thhis might cause a recovery in the crop down there. But they have been in drought for long enough to have caused permanent damage. We shall see.
https://www.farmprogress.com/market-reports/afternoon-market-recap-january-14-2022
The penant formation changed last wednesday. Thursday presented a breakout down. But friday brought it back inside. Harvest in SA and S Africa is underway. Expectations have already been dialed in.
