Crop Planting Report Bullish Corn

Corn Futures---Corn futures in the July contract which is considered the old crop which was grown in 2018 finished higher for the 5th consecutive session hitting a multi-year high as the crop progress report was released this afternoon showing that 92% of the crop has been planted as the good/ excellent percentage is at 59% versus 79% as the 5 year average as we are off to a terrible start.

If you take a look at some of the key growing corn states such as Missouri, Illinois, Indiana, and Ohio there are serious problems taking place as they are still way behind on planting as it is too late to plant corn in my opinion as yields will be substantially lower.

I've talked about corn in many previous blogs as I think prices are going to crack the $5 level as carryovers are also going to shrink dramatically in the coming weeks ahead as the fundamental picture for corn is much more bullish than soybeans as the crop report was also bullish in my opinion as I think we'll probably crack the $10 level in the coming weeks ahead.

The Midwestern part of the United States continues to rain while we're also receiving cold temperatures as we were 62 degrees in Chicago yesterday which is an absolute joke for the 16th of June as this is just one of those years and I think it's going to get worse and I also believe yields will continue to decline throughout the year as I see no reason to be short.

TREND: ----HIGHER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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