Rich Ilczyszyn Is Bearish On Corn

On

, Rich Ilczyszyn said that corn futures are going to trade lower and he wants to take a short position in this commodity. He explained that the USDA report shows a massive crop this year which should put a lot of pressure on the market. There are already cash markets in the U.S. which are trading at $2.90, added Rich Ilczyszyn. He wants to sell corn at $3.62 with a stop loss at $3.82 and a target price of $3.32. Scott Nations commented that he sees signs of bottoming in corn as the price is forming a rounding pattern around $3.60. He also said that farmers who rent land have higher costs of production than the current market price. Nations thinks that many farmers are going to store the crop and wait for better price.