News

Corn rally has about a two week lifecycle

A market analyst expects the rally in corn futures to fizzle out by mid-July.

Naomi Blohm with Total Farm Marketing says while USDA’s revision to planted corn acreage came as a welcome shock, there’s still a lot of corn in the bin and in the field. “And we do have a tendency to see the month of July have a nice pop in prices and its about a two-week rally traditionally and it lasts until the second week of July or into the third week of July,” she says.

She tells Brownfield the duration of the rally usually depends on the next USDA report, out on July 10th, and the weather forecast…

“Which is hot and toasty right now with very little rain in sight.”

Blohm sees major overhead resistance on December corn at $3.75 and says producers should take this opportunity to get current on both old and new crop sales.