Good Morning !
Look Out ! Just when I expected a drive to the upside South American hedging foiled my plot. Curses! The December Corn is trading at 392 1/2 as I write which is down 5 1/2 cents. The range is 399 1/2 to 390. I still remain bullish in the long haul.However seasonally we always have Harvest Pressure! Even though we will not see the yields we were expecting in August if you look at the December 2010 contract versus the 2009 contract I believe traders believe we can slide through this winter with the current crop.
But what about next year? The U.S. Dollar is trading higher which is pressuring the Energy Complex.The E.I.A. number due out at 9:30 C.S.T. is expecting a build of 21 B.C.F. If the number comes out in line look for the Complex to tank to the downside.
Have a Great Trading Day !