FOR TUESDAY: (9/12) Another USDA report day on Tuesday. These reports are often turning points for the month so if a high comes in, we have to sell and hedge. Expect harvest pressure to knock the market lower.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (9/12) At this point if you want higher prices, you have to gamble on the market peaking into the USDA report and it has been up a week already. We should see 369. Rains will hamper SE harvests so that hasn’t changed. USDA could lower its estimates of both 2016 and 2017 ending stocks in its monthly report Tuesday. Stronger exports could offset lower usage for ethanol. One estimate for 2017 crop endings stocks of 2.06 billion bushels is a little lower than average guess from the trade, based on yields of 167.8 bushels per acre for a crop of just under 14 billion bushels.
OVERALL: (9/12) We should get another 30 cents lower after the USDA report from some congestion triangle patterns. That could be followed by another 30 cents lower. At some point in October we could have a 26-cent bounce before a final low. Major weekly chart support at 312 should hold.
CYCLES OVERVIEW: Recovering into Sept. 12.
Comments are closed.