The weather is shifting to a less threatening outlook and with crop conditions at such low levels a few weeks ago, the more normal weather should result in improvements. The market closed below the 50-day MA for the first time since May 14th.  Better than expected rains moved across Iowa, N. Illinois, Wisconsin, and N. Indiana which put some pressure on the markets yesterday. Export sales also disappointed with just 200,000 tonnes for the current marketing year. The lack of clarity on planted acreage continues to cause angst among traders and a shift to cooler next week is seen as a slightly bearish force. The latest 6-10 day forecast has cooler temps and below normal precipitation for all of the Midwest July 24-28th

December corn is down almost 30 cents on the week so far and should put a bearish outside week lower on the close today. The long- term forecasts have certainly thrown a wrench in the bull camps thinking, but with acreage adjustments likely to come plus the large percentage that was planted late, we still think buying healthy pullbacks is a valid choice.  Resistance comes in at 437 and support at 418.

Corn Dec ’19 Daily Chart

Corn Dec '19 Daily Chart

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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