Corn Price Has Head Above Water

With such a bearish price forecast for corn this morning, based upon the USDA crop report, it is surprising to see the price of corn higher than yesterday's close. I consider this a bullish sign. If commercial hedgers are stepping into the market to buy at what they consider to be bargain prices, perhaps this is suggestive that the 50% Fibonacci level is the bottom for this season. This seems to underscore once again what I have observed in the past -- that fundamentals-related news can often be misleading. The market surprises me all the time! We must always remember that "anything can happen"!