Corn's overall trend, revealed by trends of price, leverage, and time, are defined and discussed in The Matrix for subscribers.
Last weekend I drove through the corn belt from Ohio to Iowa. Along the entire way, the crop was perfect for this stage of growth. Nothing in the peripheral rows were stunted or brown…zero. I don’t know how much is planted compared tp other years, but it looks like a bumper crop which generally makes prices tank. Foreign buying interest? Also, soybeans were incredibly healthy.
Interesting. Strange that the invisible hand is accumulating. The latest Soybean Review applies to corn fairly well. Volatility should be expected, because traders are likely leveraged and highly exposed over the short term.
Corn, like soybeans, is showing a time cycle extension in the secondary (weekly) trend. The price cycle is not extended. A short term correction that resets the daily and weekly trend is always a risk when the weekly cycles are extended. Pros would view a weekly trend reset as highly desirable. The question is, will the invisible hand cooperate?
Corn's energy build is almost as strong and bullish as soybeans.
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