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Analyst gives corn 50-50 chance of retesting highs before harvest
A market analyst says weather will determine if corn futures retest highs before harvest.
Kluis Commodity Advisors managing director Al Kluis gives it a 50-50 chance.
“The next 10 days is critical. Minnesota, northern Iowa, North and South Dakota, I want to see what the weather updates show.”
During a webinar hosted by the Minnesota Corn Growers Thursday, he suggested IF corn makes new highs, it won’t last long.
“My charts are indicating somewhere around July 7th (to) July 12th, is really a key time period. If you’re not comfortable putting on hedges, doing some contracts or hedge-to-arrives with elevators, then that’s going to be an ideal time to be buying Puts.”
Kluis also sees some attractive price targets for 2022 corn and says selling 10 to 20 percent of the ’22 crop in the $5.20 to $5.40 area might look really good at harvest next year.
