Grain Express

Corn (December)

Fundamentals: December corn futures started yesterday’s session under pressure, but there were buyers who were ready, willing, and able to buy the dip. Weekly export inspections came in at 636 tmt, a bit disappointing. Yesterday’s Crop Progress report showed harvest is now 72% complete, within the range of expectations and ahead of historical pace.

Techcnicals: Tops and bottoms are a process, not a point, especially when you get prices near uncharted territory (new contract highs). Contract highs for December corn futures come in at 424, this goes all the way back to May 3rd, 2018. 420-424 was the top end of the range from that point, all the way to July of 2019. The RSI (relative strength index) is at 76.45, off the highs from Friday, but still overbought.....