Can The Corn Slide Stop?
Today’s Spotlight Market
Wednesday?s USDA report, which will be released at noon ET, is expected to show 2014/2015 US ending Corn stocks near 1.86 billion bushels.? This would be an increase over 1.851 bushels in May.? New -crop 2015/2016 ending stocks are also expected to be revised higher to 1.780 billion bushels, up from 1.749 billion bushels in May.? World ending stocks for the 2014/2015 crop year are expected to be 192.53 million tons, which is in line with last month?s USDA estimate.? On the weather front, the heavy rains have interfered with planting progress in the Western Great Plains, which have not completed their planting.? This is certainly something to keep an eye on for traders, as heavy rains can be seen as a mix of good and bad for the new crop.
Technical Notes? -? View Today’s Chart
Turning to the chart, we see the December Corn contract bouncing off support at the 365 level and advancing above the 20-day moving average.? This suggests that a near-term low may be in place.? Near-term support could be found at the 375 level.? Prices are coming up on the 50-day moving average.? If prices are able to cross above the 50-day moving average, the market may capture a bit more momentum.
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