Corn and beans are in the midst of a blow-off bottom.
The corn and bean crops are far from being made. This year has more “problem” crop areas and the weather forecasts are just as intimidating, if not more so, than last year at this time.
Last year, December 2021 corn made its June low on June 24th (today is June 23rd). On July 1st, December 2021 corn traded 97 cents higher than the June 24th low.
November beans traded at $12.59¾ on June 25th, 2021. On July first, November beans traded a $1.66 higher than the June 25th low.
Prices will recover very soon. Why?