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Corn continues to extend the bounce

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Corn futures are continuing to respond to the delay in planting and the outlook for wet weather continues into next week. Looking next Mondays crop progress report and specifically the 18 states that plant 92% of the corn acreage to continue to show a slow start. Last Monday progress came in at 30% planted verse the 5 year average of 66%. This confirms the level of delayed planting we should see another reactionary bounce up through the 100 DMA at 3.81. What you want to watch out for is a shift in planting from corn into soybeans and a breakout in corn above the March 25th high of 3.90. This could spark a major short covering rally and give the farmers the chance to finally get those necessary hedges in place.

If you havent ordered a complimentary 2019 Hightower Commodity Trading Guide & Calendar, we will have some of these available to send out. This is your go-to resource for Government & Industry Report Dates, Futures and Options Expiration Dates and more than 350 charts and graphs. *Available to U.S. residents only.

You can request yours here: 2019 Hightower Commodity Guide

If you havent received yours, send me an email as some were returned for incomplete addresses

By: Phillip Streible

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About the author

Phillip Streible is a Series 3 licensed Senior Market Strategist at RJO Futures and specializes in working with clients in developing futures and options strategies in the metals markets. As a Senior Market Strategist his goal is to show clients how to anticipate, recognize and react to bull and bear market conditions through the use of fundamental and technical analysis techniques that help them to define risk.

With more than 15 years of experience working with clients, Phillip ran one of the largest retail commodities desks while at Lind-Waldock where he focused on metals, energies, currencies and agricultural markets.

Phillip is a frequent television guest on CNBC, Fox Business and Bloomberg.

Contact details:

Phone details: 312-373-5200 

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