When corn won’t pop it may explode.
USDA showed lower corn and bean acres than the average trader guess. A price surge is underway.
Minutes before the report I told subscribers and followers (for free) that a basket of indicators leaned toward higher prices. This opened the door for a fundamental like a bullish report as a driver.
The model also called for an L4 intraweek bottom today. It called the outcome of the fundamental speculation.
In this episode I show forecasts for tomorrow, next week, next 30-45 days and the long-term point of view. The Weekly Update due Friday will be of importance.
Paste this link in your browser-
Corn traders should be more sensitive to weather versus corn production now that the long awaited acreage data is public.
Weather has been turbulent with extreme temps for some US regions and rains in some dry areas. Overall, Iowa crops experienced a warm and dry June according to the US Drought Monitor map published weekly by the USDA.
The macro-economic side shows improving global economies that could support prices of agricultural commodities. While a surge in the US Dollar Index did not cause much concern in the grain markets.
The video podcasts for Premium subscribers shows charts with model output to better understand how the market fluctuates; to appreciate the usefulness, the accuracy of the model relative to prices of commodities and the stock market.