Corn Futures Resume Normal Service, Collapse

Following up on this morning's "4 Reasons Why Corn Could Get Cheaper Still" with its Alfred E. Neuman-like "Most of our indicators are pointing lower which is why I started yesterday's second headline with 'Crapski'". I would not have been so flippant..." blah, blah, blah.

From Agrimoney:
Evening markets: corn reverses, in style, But soy holds firm

Corn resumed normal service, ie returning to downward movement, faster than many investors had expected.

There had been some idea that Chicago's December corn contract might at least stabilise after its bounce in the last session, on the US Department of Agriculture unexpected cut by 1.1 bushels per acre, to 154.4 bushels per acre, its forecast for the domestic corn yield this year.

"Chart watchers are looking at the big outside day up in December corn as supportive," Paul Georgy at Allendale said early on in the trading day, as the contract indeed posted further gains.

"However, many are expecting managed money to be sellers on rallies as the 50-day moving average is still above the 5.00-a-bushel area," he added.

And the bears proved on the money as December corn collapsed, setting a fresh near-three-year low....MORE

December futures down 16 3/4 cents (3.61%) at $4.4725.

Also at Agrimoney:

Deutsche flags 'scepticism' at USDA corn forecast

No kidding.