Is Corn Setup for a Springtime Rally?

Check out the article on Blue Line Futures: https://bluelinefutures.com/2024/03/13/is-corn-setup-for-a-springtime-rally/

With the prospective plantings report fast approaching traders will be focusing in on weather conditions throughout the Cornbelt. Though it is very early in the year, we like to use the Wayne Gretzky approach, which is skate to where the puck *may* be going, not where it is. Now no one can predict the future, but this is a futures market and if you’re not looking ahead, there’s a good chance you’re going to be left behind. The reason for the old saying “buy the rumor, sell the news”.

Below is a look at top corn producing counties in the US for production year 2022. As you can see there is a concentration of dark green counties in Iowa and Illinois, which all together represent the top two producing corn states in the country with Iowa accounting for roughly 18% of production and Illionois not far behind.

As it stands right now, Iowa looks to be lacking moisture throughout the state, but even more so in some of the top producing counties. If this does not turn more favorable into the spring, we would think it would (and probably has already add some premium to prices, especially with Funds positioned the way they are.

Check out the article on Blue Line Futures: https://bluelinefutures.com/2024/03/13/is-corn-setup-for-a-springtime-rally/

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