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.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 as I will be more than happy to help you with your trading or visit www.seeryfutures.com 

 

TWITTER—@seeryfutures 

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

 

 Email: mseery@seeryfutures.com

 

If you’re looking to open a Trading Account click on this link www.admis.com 

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.