 Hello, welcome to today's CMC Markets Commodity Snapshot. My name's Jasper Lawler, market analyst, and today we're looking at the price of corn. The commodity has gone up 25% this year, and we're looking to see if a recent US Department of Agriculture report is going to put a dampener on that rise and perhaps knock the price back down again. So there have been a couple of things affecting this ramp up in the prices of corn. One has been the unseasonably cold weather in the US that's just delayed the planting schedule for the season and it's going to likely affect the production out of the US which is the world's largest producer of corn. And number two is the production from Ukraine or likely more the exports from Ukraine could be impacted by the tensions between Ukraine and Russia over the Crimea and now the Eastern states. However, that is just two producing nations and we have to consider the global supply of corn when we're dealing with trading on the price of corn and this recent USDA report suggests that these likely shortfalls in production from the US and from Ukraine may not have the impact initially suspected and what we have to consider is that we're actually in the context of a massive decline in corn prices overall since 2012 through early this year we saw a drop in almost half of the price just because other nations around the world are increasing their production and what the USDA is saying and actually production from China, Argentina, Russia and Mexico are going to offset these differences we're seeing from the US. Now that makes sense in terms of the chart we're looking at here and let me just divert your attention to that. So here we see this longer term price down trend and this relates to this global increase in supply putting downward pressure on prices and as we see more recently throughout the first quarter and a bit of this year in 2014 there's uptrend in prices because of the cold weather and the Ukrainian tensions. Now these two trend lines are meeting and there's a distinct possibility that the longer term trend line can win out and we could see a break below this upward trend line in the short term and that's supported by a RSI bearish divergence. So what we want to look for here is a break of this lower trend line as well as paying attention to the production numbers from both Ukraine, the US or export numbers rather as well as some of these other competing nations China, Argentina, Russia and Mexico and weigh that fundamental and technical picture to see if perhaps this rally up in prices is overdone at this point. So that's the end of today's commodity snapshot. We're going to look ahead to next month's USDA report for any possible implications on future yield and production numbers for corn and we're going to pay attention to this short term trend line as well as the longer term and see which one wins out. Thanks a lot, good luck trading.