Tidbits, Corn Key Reversal, Acres & Estimates, PCE Index, Drought Monitor, Export Sales 6/26/26
- Wright team
- 3 minutes ago
- 4 min read
Tidbits
July CBOT Options expire today because this is the last Friday of the month with at least two business days the following week.
Every corn futures contract from July 2026 through July 2027 made a new contract low yesterday and closed higher than the high for the previous day. That is what technicians call a “key reversal,” a fairly reliable indication of a price trend change. In recent weeks, corn futures contracts made two “hook reversals,” which is a new low followed by a settlement higher than the previous day’s settlement. A hook reversal up is a bullish technical indicator, but not as reliable trend change indicator as a key reversal. But two hook reversals followed by a solid key reversal on all the old and new crop months looks like a solid trend changer.
A look at the 6 to 10 day and 8 to 14 day weather forecasts seals the deal of the uptrend until the weather forecast changes. Meanwhile, corn demand remains spectacular as the world carryover continues to tighten!
Acreage: Farmers Business Network (FBN) released the results of their acreage survey of their clients which indicate U.S. farmers will plant roughly 1.2 million fewer corn acres than the USDA projected in March. That would be 94.1 million corn acres. This shift effectively cuts roughly 190 million bushels of production out of the United States supply.
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