Seasonally, corn prices tend to bottom out in late April before heading to their pre-harvest highs. “We aren’t quite at those lows yet,” said Naomi Blohm, senior market advisor, Total Farm Marketing. “Once we get into May, we’ll see if we get any friendly news out of the monthly USDA report.” According to Blohm, there are indicators to know when the low is in. “It’s a combination of a few things including the seasonals, and the daily, weekly and monthly charts looking at support. Usually, there’s a piece of fundamental news that will correlate with a technical reason for the market to make a bottoming signal,” said Blohm. “That would give us more confidence that maybe a summer rally is beginning.”
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