Ok, we get it - it's bad out there. But might we see an end to this monster rally, i.e. is this hellish news priced in? I would say 'yes', but I'd add this caveat: unless the heat wave continues!
While not anticipating much-needed rain, temperatures have cooled off since the weekend when 100 degrees+ gave way to temps in the 80s. Now consider:
- Appetite for planting corn this year was unmatched: US farmers planted the most acreage ever.
- The USDA has reported a steady decline in corn export sales.
- Sluggish gasoline demand is reducing demand for, and production of, corn-based ethanol.
It may not make sense to get super anxious here and start selling, but there is potential we see the monthly USDA report mark a ceiling, more or less, in the price of corn. That's not to say a sharp downturn is imminent, since prices will probably try to push even higher first.
No new recommendations or adjustments at this time.