We tend to treat the Sep contract like the red headed stepchild but, if you happen to place any significance on continuation charts, it is checking out the multi-year continuation low from harvest 2014.
If we get a supportive report and something else to follow we can call it a double bottom. Break it and I'd suggest that, at minimum, CZ will close whatever continuation gap is left by CV.
I have no opinion about corn going into the report. As expressed, I do have concerns about a deteriorating fundamental case in beans coupled with funds still long.
I'm doubtful that either yield or stocks/demand projections are going to reflect that deterioration in this report, and maybe not the Sep report either.
Sep should give a clearer view on corn production.
