December corn futures made new contract lows for the second straight day as the technical landscape remains bleak at best. Fundamentals not much better.
Corn futures broke to new contract lows yesterday in a fairly quiet/slow trading session.
December corn futures finished Friday's session on softer ground, spilling over into early morning weakness to start the new month. We are taking the light volume overnight/early morning trade with a grain of salt, as usual.
Cooler weather continues to be a concern for the late-planted crop, if it stays in the forecast through the weekend, we would expect to see more premium come into the market.
U.S. and Chinese trade talks look more optimistic - for the moment. Trader focus on cooler weather in Midwest and early frost.
Daily ranges have started to narrow as market participants search for new news. Market participants will continue to keep a close eye on weather as cooler temps work through the Midwest. The risk of an early frost still lingers in the back of our minds.
December corn futures tried but failed miserably to work higher on the back of positive news regarding trade with Japan, cooler weather, and the Pro Farmer crop tour findings.
Corn futures finished last week’s trade with a new closing low. Headlines regarding trade with China have been bi-polar over the last 48 hours, seen by the broader grain market price action.
China launches retaliatory tariffs on another $75 Billion of U.S. Goods. Part of this includes an extra 5% on soybeans, starting September 1st.
December corn futures had one of their most constructive sessions this month, the next two sessions should give us an idea of where we stand in the “bottoming process”.