Corn Futures—Corn futures in the March contract is currently trading lower by 4 cents at 3.84 a bushel reversing some of the sharp gains that we witnessed last Friday as this market is stuck in the mud unable to find a true trend. I have been recommending a bullish position from around the 3.87 level & if you took that trade continue to place the stop loss on a closing basis at the 3.76 level as an exit strategy as I will be looking at adding more contracts if prices break the January 2nd high of 3.92 as that has acted as cement over the last month.
At the current time there is very little fresh fundamental news to dictate short-term price action as we await the next crop report which is still about 3 weeks away as the volatility certainly will start to expand once we near planting season in the United States which will begin in the month of April.
At the current time corn is trading right at its 20 and 100 day moving average as the trend is mixed to higher as this is my only grain recommendation at the present time so continue to play this to the upside.
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