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Is corn oversold?
Story Date: 6/19/2018
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Source: FARM DOC DAILY, UNIV. OF ILLINOIS, 6/18/18
A combination of trade uncertainty and a strong start to the growing season led corn prices to tumble lower last week. The sharp selloff in the corn market occurred despite some positive news in the WASDE report on Tuesday. Demand for corn continues to be strong and, while the crop currently looks to be in good shape, this corn crop is a long way from completion. The substantial reduction in the weather premium customarily seen at this time of the year seems excessive at this point.
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