From the floor of the CME group Chris Robinson, Traders Exclusive Contributor talks about the corn, wheat and bean crops. Crop conditions are good to excellent and weather is perfect but there has been no turn around so far. December corn is at a new low, 40% off its contract high of 616.5 in August 2011. Wheat is 36% off its contract high. November beans are at 1065, near the contract low of 1054 and 27% off its 1336 contract high from September 2012. Robinson says it is important to look at the 50% correction for where crops could go. He says professional traders try to sell rallies but until the supply and demand change fundamentally this will not happen. If the trend goes lower there will be opportunities to catch rallies and re-establish shorts. Robinson says unless there is a weather issue, the long-term points to lower prices for these crops.¿
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