Corn prices are correcting the uptrend from the $3.85 level after reaching $4.34 for the December futures contract. The recent United States Department of Agriculture (USDA) crop production and World Agricultural Supply Demand Estimate (WASDE) report weigh heavily on the market. Producers have been waiting for a price rally to sell much of their on-farm corn from last year. With this year's harvest nearly 50% completed and carryover estimated to be 1.81 million bushels, storage has become a problem, resulting in corn being brought to market.
Was the recent corn price rally in solid hands?
