Last week December corn opened at 737 and closed the week at 692.
In technicals on the daily chart we see ADX rising showing a strengthening trend. MACD is showing strong momentum to this move down and Stochastics are deeply oversold. I'll become less concerned about this as ADX numbers rise. Also, on the daily chart you will see that at Trends in Futures we have been short since September 8.
In my Position Update last week at Trends in Futures I mentioned that corn could be pricing itself out of the market. Sure enough, last week we saw in last Monday's WASDE report that U.S. feed demand for corn dropped considerably (see Fundamentals). One item not mentioned from the WASDE report is the last line for corn. It said – "World corn ending stocks are projected up 2.9 million tons with increases in South America, Ukraine and EU-27 more than offsetting the projected reduction for the United States."
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