Are Corn Futures A Buy Yet?
Are Corn Futures A Buy Yet? Wednesday December 3, 2008 Corn futures have fallen from over $8.00 a bushel this summer to $3.48. That is a about a 57 percent drop from the highs just less than six months ago. Corn is now in a price range that is considered fairly average for the last 10 years, but still at the high end of the range. Corn near or below $2.00 has been considered a solid floor for corn futures. Buying corn after such a dramatic drop seems a bit tempting, so we will have to take a closer look here. Technically, corn futures are extremely oversold and could rally sharply at any time. However, this market continues to erode technically and any bounces have been very minor. Overall, corn futures look very weak technically and there have been no concrete signs of a turnaround yet. It is even more disappointing that some of the other commodities have been able to rally and corn has not. Fundame
