{"id":41586,"date":"2017-12-01T21:08:38","date_gmt":"2017-12-02T05:08:38","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=41586"},"modified":"2017-12-01T21:08:38","modified_gmt":"2017-12-02T05:08:38","slug":"still-waiting-on-corn","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2017\/12\/01\/still-waiting-on-corn\/","title":{"rendered":"Still Waiting On CORN"},"content":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on November 26, 2017. Click here to read the entire piece<\/a>.)<\/p>\n

November dashed my expectation for a range-bound Teucrium Corn ETF (CORN)<\/a>.<\/p>\n

The November World Agricultural Supply and Demand Estimates<\/a> (WASDE) threw a curve ball of sorts by further underlining surplus conditions for corn. From the report: <\/p>\n

{snip}<\/p>\n

The USDA provided $2.80 to $3.60 as the expected full range of the price of corn. {snip}<\/p>\n


\n
\"Corn<\/a>
Corn prices have spiked higher from current levels but the last run-up was 5 years ago.<\/figcaption><\/figure>
\nSource: Macrotrends<\/a>
\n<\/center><\/p>\n

{snip}<\/p>\n


\n
\"The<\/a>
The Teucrium Corn ETF (CORN) is at an all-time low thanks to the latest WASDE.<\/figcaption><\/figure>
\nSource: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

CORN is down 9.5% for the year. The chart for CORN was looking hopeful going into WASDE. The August 31st surge seemed to presage a seasonal recovery and even the subsequent consolidation looked like a coil waiting to spring to the upside. Instead, CORN is now left scrambling for a catalyst to get upward momentum for at least the rest of the year. Seasonality may yet provide that catalyst. <\/p>\n

According to an analysis of seasonality published by Teucrium<\/a>, corn on average hits a double bottom between August and October. {snip}<\/p>\n

In a recent Bloomberg Markets P&L podcast<\/a>, Sal Gilbertie, president and founder of Teucrium Trading LLC, and Mike McGlone, a commodity strategist at Bloomberg Intelligence, discussed the near-term prospects for corn. Corn prices are now at or below the “perceived” cost of production. {snip}<\/p>\n

When a commodity drops below the cost of production, I smell a bargain<\/a>. So I am going to continue waiting on CORN here. {snip}<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long CORN<\/p>\n

(This is an excerpt from an article I originally published on Seeking Alpha on November 26, 2017. Click here to read the entire piece<\/a>.)<\/p>\n","protected":false},"excerpt":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on November 26, 2017. Click here to read the entire piece.) November dashed my expectation for a range-bound Teucrium Corn ETF (CORN). The November World Agricultural Supply and Demand Estimates (WASDE) threw a curve ball of sorts by further underlining surplus conditions … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[673,483,62],"tags":[635,1954,1025],"class_list":["post-41586","post","type-post","status-publish","format-standard","hentry","category-agriculture-2","category-breakdown","category-technical-analysis","tag-corn","tag-soy-beans","tag-teucrium-corn"],"yoast_head":"\nStill Waiting On CORN - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2017\/12\/01\/still-waiting-on-corn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Still Waiting On CORN - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on November 26, 2017. 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