Corn bulls would like to see the debate regarding 2015 U.S. production put to sleep, as many inside the trade appear to be moving toward the bearish camp, backing arguments of stronger-than-expected yields and perhaps a few more harvested acres.
From my perspective, as long as this U.S. production debate stays in the spotlight, corn prices may continue to feel pressured. In fact many technical gurus think it's only a matter of time until we re-test major support down in the $3.50 to $3.60 range. Producers who need to price more bushels prior to nearby expiration or prior to year-end, and still have a strong basis in their area, may want to consider pulling the trigger.
There just doesn't seem to be many bullish cards at the top of deck right now. Perhaps once the trade turns the page and starts to more aggressively look at next years South American crop we could find a few more bullish headlines. Remember, there's already a lot talk circulating that Argentine corn acres could be down 15-20%. There's also talk that Brazilian "second-crop" corn acres could be down, as well.
Unfortunately both of those headlines seem a bit too far off on the horizon to pull many of the big-money bulls into the game. As a producer my game-plan stays the same, remain patient and look for better opportunities to reduce risk further down the road!