March 2023, I wrote an article for Barchart, "Corn: Is the News Correlated to Price Movement?" I commented, "What is fascinating about this price break is the timing. The month of March typically experiences this price decline as it prepares for an April price rally. The rally typically culminates in June or July as a seasonal high, allowing the producers of corn to sell into this rally to hedge their recently planted crops for the 2023 crop season."
Corn futures for July delivery have rallied 8.5% from the March lows. Part of this rally is technical, which we will discuss soon, and part of it is fundamentals. Since March, traders have been paying attention to exports, which showed China buying US corn. The problems in the Ukraine region were intensified when Russia threatened not to renew the grain deal. And China, along with other countries, is trying to drive down the US Dollar's value as they try to create its petro-currency.
