Trend in corn prices

March corn futures were trading above the key support level of 370 cents per bushel on December 21, 2015. Prices were below the 20-day moving average that day. The prices of corn were less volatile than those of the last two days of the previous week and will likely maintain a downward movement.

Corn Trades above Key Support Level of 370 Cents

The chart indicates that prices could stay in the bracket of 360 and 380 cents per bushel in the near term.

Price drivers

Speculation of slower exports dragged corn prices down on December 21, 2015. Analysts projected that the sowing area in Ukraine could rise significantly, supporting the supply from Ukraine and creating more competition for US corn exports.

The higher Argentinian peso and indications of strength in near-term support promoted speculation of lower Argentinian corn exports on December 21, 2015. The US dollar index depreciated by 0.27% on December 21, 2015, which supported US corn export sentiment that day.

Stocks review

With the drop in corn prices on December 21, 2015, producers and traders could be impacted as the value of their products decline. After four consecutive days of increase, Bunge (BG) decreased by 0.70% on December 21, 2015. CHS (CHSCP) shrank by 0.62% for a third consecutive trading day, with a total decline of 1.9% during the period. After falling for three and two consecutive days, respectively, ConAgra Foods’ (CAG) and Tyson Foods’ (TSN) shares both increased by ~1.1% on December 21, 2015. The PowerShares DB Agriculture ETF (DBA) continued its downward price movement, falling by 0.34% on December 21, 2015.

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