The corn market was dealt a shockingly bearish blow Thursday when the USDA released a U.S. planted acreage report that showed a number way above market expectations.
Corn futures prices fell to a new contract low and saw the biggest one-day drop in a long time. There is longer-term chart support at $3.46 1/2.
If that key level is breached, then the door would be opened to a move to longer-term technical support at $3.19, basis nearby futures.
If the bulls can hold prices stable in the coming sessions, that would indicate there is little downside pressure left in this already beaten-up market.
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** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!