Corn Wonders If Party Is Over
Market conditions aren't optimistic toward prices.
Bryce Knorr
Published: Jul 13, 2009
While it's all too easy to be bearish at the bottom of the market, last week's negative USDA reports have recast the corn trade. Though farmers have a long window for marketing the 2009 crop, corn quite simply needs a game changer. Nothing in the market right now leads me to be optimistic toward prices.
Weather appears benign, with no sign of damaging heat. The America model occasionally shows heat two weeks out, but this has been inconsistent. To be sure, crops in the eastern Corn Belt remain delayed, and vulnerable to frost. However, the window for that to happen is a long ways off, and true damage historically is rare.
The other factor that has driven prices the last few years, outside investment, also seems just as distant. Without a surge of fund money to shift the price curve, corn just doesn't look very promising. To read Bryce Knorr's complete weekly corn review, click HERE.
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