Corn prices continue to collapse and push lower on fears of higher US planted acreage, record lows in Brazilian currency and of course the expectations of even weaker demand from the energy sector.  Contract lows were reached in yesterday’s trading session. Coronavirus concerns remain a source of pressure on the market, as people are growing concerned that China will not be able to meet its expected purchases of US ag products.  Recent surveys are predicting that corn acreage will come in at 96.6 million acres this year, which is 7% more than last year. The Buenos Aires Grain Exchange increased their forecast for 2019/2020 argentine corn production from 49.0 to 50.0 million tonnes.  The USDA projection was 50 million for the February update. Weekly export sales showed corn sales at 864,600 tonnes for the current marketing year. Resistance comes in at 371^6 and 376^6 with support at 364 and 361.

Corn May ’20 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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