If patience is a virtue, corn growers should be feeling plenty righteous after suffering a long drought in the market. But their ability to hold firm appears to have paid off, at least in the short term. The futures market got its long-awaited bounce last week; now the question is how long can this rally last?
Much, of course, depends on two unknowns: What will USDA report for production August 12, and will the crop escape the damaging effects of an unusual growing season? Any forecast made now must be conditioned by plenty of qualifiers. But as I've said before, without a game-changing event, rallies need to be sold for those who can't afford to show a lot more patience.
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