Corn continues to run into heavy resistance on the charts each time it tries to advance between $3.85 and $4.05 per bushel. Extreme macro commodity head winds around the globe also continue to work against the bullish players.
Here in the U.S., overall crop-conditions were left "unchanged" at 68% good/excellent. IL conditions were down 1%; KS, MN, MO, NE, NC, SD, TN unchanged; CO, IN, IA, KY, MI, ND, OH, PA, WI conditions up 1%. The harvest jumped by +8% last week and now stands at 18% complete vs. the 5-year average of 23% by this date.
From my perspective, I think the trade was looking for a bit stronger number, and so was I. As you can see from the graphic below, most all states, including Illinois, who jumped from 13% last week to 30% harvested this week, still remain behind their