Possibly put the highs in for Dec Corn here...as shown in chart, we faded the gains from the bullish July USDA crop report (which showed lower acreage) on better weather forecasts after wknd of the 4th...weather maps less threatening in corn belt as of late and is bearish feature for the next few weeks should forecasts confirm. Condition ratings expected to...
Reports of Chinese ASF problems growing. Not clear the extent of the issue and until then continue to believe the US has not factored issues with ASF in China. This with the strong uptrend in prices recently supports a bullish outlook.
-Earnings on tap for Wednesday 3-24 (Analysts expect EPS growth of 58% for the quarter, and 75% growth for the full year)
-WSM trading below a 151.16 entry
March 2021 U.S Corn: Weekly Chart
*considering such tight U.S corn c/o, bullish fundamental narrative has not changed.
*focus is on SAM weather issues / logistical problems in SAM
Price Target: 640'0 | BULLISH OUTLOOK
-not surprised to see recent liquidation w/ m.m crts net longs close to 350K and at record-high. M.M making substantial gains recently w/ most of...
