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Corn ($CORN) Commodity Forecast: Up 7.4% Today

Morpher AI identified a bullish signal. The commodity price may continue to rise based on the momentum of the good news.

What is Corn?

Corn is a widely traded commodity used for food, animal feed, and biofuel production. Today, the market saw a significant bullish movement in the price of Corn.

Why is Corn going up?

CORN commodity is up 7.4% on Sep 13, 2024 0:00

  • The recent bearish trend in Corn, hitting a near 4-year low, might have triggered a buying spree among investors looking to capitalize on the low prices.
  • The prolonged decrease in Corn prices over the past few weeks and months could have created an attractive entry point for traders, leading to increased demand and a bullish market movement.
  • The market sentiment towards Corn may have shifted due to factors such as weather conditions, supply chain disruptions, or changes in demand, prompting a sudden surge in buying activity and driving prices higher.

CORN Price Chart

CORN Technical Analysis

CORN News

Corn Hits Near 4-year Low

Corn decreased to a near 4-year low of 378.00 USd/BU. Over the past 4 weeks, Corn lost 5.42%, and in the last 12 months, it decreased 21.82%.

0 Missing News Article Image Corn Hits Near 4-year Low

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Corn Price History

13.08.2024 - CORN Commodity was up 7.4%

  • The recent bearish trend in Corn, hitting a near 4-year low, might have triggered a buying spree among investors looking to capitalize on the low prices.
  • The prolonged decrease in Corn prices over the past few weeks and months could have created an attractive entry point for traders, leading to increased demand and a bullish market movement.
  • The market sentiment towards Corn may have shifted due to factors such as weather conditions, supply chain disruptions, or changes in demand, prompting a sudden surge in buying activity and driving prices higher.

28.02.2024 - CORN Commodity was up 1.7%

  • Chicago corn futures stabilized around $4.4 per bushel as investors awaited the agriculture report, indicating a sense of caution in the market.
  • Anticipation of minimal variation in total corn acreage compared to last year's high suggests stability in the supply side, potentially supporting prices.
  • The lowered output forecast by a major corn-producing country and concerns over weather conditions in other key producing countries may have contributed to the bullish sentiment by raising supply concerns and potential crop damage, respectively.
  • Overall, the combination of these factors likely led to the bullish movement in the corn market today.

14.04.2024 - CORN Commodity was up 5.0%

  • The bullish movement in corn prices was primarily driven by indications of lower-than-expected ending stocks for the 2024/25 season, both in the US and globally.
  • Supply challenges in major corn-exporting countries like Argentina and Brazil, such as dry weather, stunt disease, floods, and transportation hurdles, contributed to the bullish sentiment in the market.
  • Concerns about potential supply disruptions due to climate events and technical setbacks, along with the anticipation of a key report, kept traders on edge and supported the upward movement in corn futures.
  • Overall, the combination of reduced ending stocks, supply challenges in key exporting countries, and technical factors led to the bullish movement in corn prices despite some slight easing in the market.

28.05.2024 - CORN Commodity was down 5.4%

  • Prices of Corn plummeted to a 3-1/2-year low, suggesting a prolonged downward trajectory.
  • The persistent decline in Corn prices in recent weeks and months reflects a pessimistic outlook among investors.
  • Several factors, including oversupply, diminished demand, and global economic uncertainties, likely played a role in the sharp drop in Corn prices.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.