FOR TUESDAY: (9/11) Trade waiting on Wednesday’s USDA report and many think that corn will miss estimates, and that’s probably the case. Still, upside potential is limited. Hogs should be impacted by the Hurricane, as the Carolinas are huge hog producers. Still, the market came off a 1.20 from the highs.
DEC. CORN
TODAY’S COMMENTS: (9/11) Corn didn’t let us out or reverse at the key 361 region and may hit 371.50 the next few days but should be lower after Wednesday’s report. May not do a whole lot before the USDA and then spike at the news. Often USDA reports are turning points for major position. Next sale may be Wednesday. Not going to chase it here but we wonder if the trade will get spooked by too much rain and take it up to 381.50. Skeptical. Next sale may be Wednesday.
CYCLES OVERVIEW: Higher into Sept. 12.
