Corn Tech Update
Grain Market Commentary
Wednesday, September 12, 2018
by Jacob Christy, Freedom Program Trader
An utter collapse in corn prices after the USDA shocks the market with a 181.3 nation yield estimate. Prices drop to contract lows in big volume amid panic selling. Late buying kept the lows intact but trade is now left in a precarious chart position as harvest looms.
Looking at the chart shows the sharp price dive the market took today. Trade will be watching to see if contract lows are able to hold the remainder of the week. Below contract lows continuation support comes in at 331. Resistance still exists at the long term descending trend line off the recent highs. A close above this trend line is minimally needed to shift sentiment.
A pretty rough past 30 days for corn. Prices have started the third leg of the recent trend channel decline. The question the rest of this week will be are contract lows the bottom of the third leg?