Last week I took a bit of a deep dive into the wheat market fundamentals I am watching, discussing why I would be careful to assume the recent narrative of too much supply and limited demand will remain the focus of the market over the next several months.
This week I want to take a similar look at corn. As I mentioned in last week’s column, the lack of a summer rally caught me off guard as each threat of too much heat or dryness building into the forecast was short lived, helping to lift crop conditions and keep yield expectations high for much of the year. The idea of too much supply and limited demand permeated the market, with many discussing how low corn prices could go even after having lost over $1.18 from the start of the year to September 1st.
