Changes to corn supply and demand projections for both the current and new marketing years were scarce in last week’s WASDE report, confirming a bearish market tone for the foreseeable future.
The corn market hasn’t moved much since a mild strengthening in May, settling into a consolidated pattern without fresh fundamental information and reminiscent of market dynamics at the start of the year.
Without significantly detrimental weather, a large drop in acreage, or some unforeseen factor offering strong support for demand, the market appears poised for a precipitous drop in values once production is confirmed.
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