11/13/23 Corn Farmers Are Reaping The Market They Sowed

The corn market may have a problem that will take a while to solve. It will require a fundamental shift from an as of now unidentified source. The problem had its origin in US farmers’ collective decision to add acres to their initial March corn planting intentions. They said last March that they intended to plant 92 mln acres of corn which would have been just about right. USDA says that they actually planted 94.868 mln acres which puts the corn market in a hole that will require some time and better fundamentals from somewhere else to climb out of. The almost 3 mln acre increase screwed the pooch. There were farmers that qualified for prevent-plant corn in the Dakotas that for some reason planted corn anyway. It was not a perfect growing season as the yield was below trend but not enough to compensate for the added acres. Technically the corn market shows no resilience, seasonal or otherwise. If it bounces the gain is not held. Funds are not seeing value in corn yet. Commercials are aggressive on basis. Technically, the corn chart traded sideways since August and could be interpreted as having broken support last week. Is it…