Our team is currently watching the nearby corn futures. The spike low at $3.38 on the May corn contract put in a possible double bottom with the late September 2018 low at $3.37.
On Tuesday (May 14) the May 2019 corn contract stops trading. It will be important to watch if the July 2019 contract drops back to fill that continuation gap. If the gap is not filled in two weeks, then the Friday low (the crop report low) will likely prove to be a major low. Sometimes it takes a very bearish report to put a bottom in!
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