Scott Nations Is Bearish On Corn
On CNBC's Futures Now, Scott Nations spoke about corn harvest and the impact it could have on corn prices. He said that farmers are doing a great job and will produce a record corn crop this year.
The weather has been favorable for most of the year. Nations said it is getting wet and a little bit cooler right now, which means that farmers will have to dry corn if they want to store it. He believes that instead of drying the corn, farmers are going to sell it and that will put some pressure on the price.
He wants to sell the December contract at $3.49, which is $0.03 above corn's current price. His target price would be at $3.42 and he wants to place a stop loss at $3.52. With this trade, he is risking $150 and if it proves to be profitable he would earn $350.
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