Corn opened the day 1 higher with a market that appears oversold and is looking for a reason to stabilize or turn slightly higher. Good weather and pressure from soybeans has kept pressure on the market this week. With yesterday’s trade, December corn has closed lower in seven of the last eight sessions. The selling pressure has corn and beans testing their July lows as farmers clean out bins in preparation for harvest. The “forced” selling of old corn and soybeans has resulted in seasonal lows in late August and September the last few years and will do the same this year.
Producers with old crop corn or soybeans to move and sales that need to be made before the new year have run out of time and will have to deal with the current prices. At this point in the game, a 5-10 cent move higher would be a miracle without some political help. Producers with bins to clean out or new crop sales to make should give us a call to discuss Accumulator options that will help add to your bottom line.
Have a Safe Day!