Where's The Bottom?

Corn (December)

Fundamentals: Seasonal weakness and technical selling is taking the role as co-lead catalysts. The seasonal that we mentioned a few weeks ago is coming back to life. That seasonal strategy states that selling December corn on August 21st and buying it back on September 8th has been a profitable trade for 12 of the last 15 years. The years that it didn’t was 2006 (up 8 ½ cents), 2010 (up 29 ¾ cents), and 2020 (up 21 ¼ cents).

Technicals: Corn futures made new lows for the move yesterday but were able to close back above support into the close. If you've been short, this may not be a terrible spot to consider reducing some of that exposure. A break and close below support could start to trigger additional long liquidation, some of which may start to be forced by margin departments afte