RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

December corn traded up to 402 this morning on conditions that continue to decline. The weekly corn conditions report showed 64% was rated good/excellent compared to 65% last week and 76% last year. The market was expecting to see a 1-2% decline Monday. The 10-year average for this time of year is 65%. At first glance, the conditions seem to have come in at the trade estimate but when you dig into the data, crops are deteriorating in the western belt quickly. Iowa’s G/EX went down 6%, Nebraska down 3%. North Dakota G/EX went down 7% and South Dakota down 7%. All four states poor/Very Poor rating went up 2%-10% range. There are rains forecasted in eastern Iowa, Southern Minnesota, Wisconsin, and Michigan over the next seven days with limited rains south of the line. One other interesting feature in Monday’s condition report is the eastern belt ratings compared to last year. Illinois is 62% compared to 76% last year, Indiana is 47% vs. 74% last year, Ohio is 54% vs 70% last year. December corn has seen a risk on trade after the conditions report yesterday. The trade fears continued deterioration this week in the west with triple digit hear and high overnight temps in areas in Nebraska, Iowa, Missouri. Support is seen at 395 followed by 392.

Dec ’17 Corn Daily Chart

Dec '17 Corn 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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