Corn Futures---Corn futures in the May contract are unchanged this Wednesday afternoon in Chicago at 3.88 awaiting the highly anticipated USDA crop report which will be released in tomorrows trade which will show supply/demand tables coupled with worldwide production and should send some volatility back into this market.
The crop in Brazil is estimated at 95MMT's which should be lowered to around 92.2 MMT's as the Argentina crop will also be lowered due to the fact of the drought that has occurred over the last couple months as corn prices are still at 7 month highs.
I have recommended several bullish positions over the last couple of months originally in the March contract around the 3.58 level & if you took the trade the stop loss now has been raised to 3.73 as the chart structure will improve on a daily basis therefore lowering the monetary risk as the volatility still remains extremely low.
Estimates of this year's planted acres are around 94 million which could produce another crop of 14.3 billion bushels as spring plantings is right around the bend as we will start in about 5 weeks and that's when the volatility will definitely accelerate especially to the upside in my opinion especially if we have a drought like we experienced in 2012 when prices traded around the $8.50 a bushel which was a record high so stay long & let's see what tomorrows report states.
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