Corn is expected to remain in its sideways price action, CHS Hedging said. The market is trying to “work off oversold conditions on the charts,” they said.
“I think we can safely assume the Brazilian corn crop will be large,” John Payne of Daniel’s Trading said. He said that U.S. demand is suffering at the moment, however a trade deal with China could change that perspective. “The market will be looking for its spark to blow out some of these shorts. It’s going to have to come from China or U.S. weather.”