Head and Shoulders?

Corn (July)


Fundamentals: More sales of new crop corn to China were reported yesterday, this time to the tune of 1,224,000 metric tons. We believe that this will continue to offer some support to the December contract and potentially help narrow the spread between old crop and new crop. Analysts are expecting Monday’s crop progress to show the U.S. corn crop near 90% planted. Crop ratings will not be reported yet. Options expiration is today, which could play a role in price action.