Corn Lower 2nd Day In A Row

Corn Lower 2nd Day In A Row
Corn Lower 2nd Day In A Row

Corn Futures—Corn futures in the December contract is trading lower for the 2nd consecutive trading session down another $0.03 at 3.90 a bushel as the daily chart is mirroring the wheat chart as NASS reported that 96% of the corn crop was dented by Sunday (100% normally), with 73% now mature (92% average).

They also showed 22% of the crop was harvested lagging normal by 14% as condition ratings were down 1% to 55% good/excellent. I have been recommending a bullish position from the 3.80 level and if you took that trade continue to place the stop loss under the 10-day low which stands at the October 10th low of 3.78 as an exit strategy.

Corn prices are still trading above their 20 day moving average but slightly below their 100 day as the trend is higher to mixed as I do think a long-term bottom is in place as the downside is limited in my opinion. Volatility in corn is average at the present time as generally speaking the month of October and November generally experience low volatility due to the fact that were bringing in nearly 14 billion bushels onto the market as that’s exactly what’s occurring at this time so stay long and continue to place the proper stop loss.





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