Corn Futures—Corn futures in the December contract is currently trading lower by 8 cents at 4.33 a bushel as heavy rains and extremely warm temperatures have entered the midwestern part of the United States helping the corn crop develop.
At the present time I’m not involved in corn, but I do think the downside is limited as I still think the gap that was created on May 28th at 4.20 has a chance to be filled in the coming days ahead as then I will be looking at a bullish position.
Corn prices are now trading below their 20 day but still far above their 100 day moving average as the trend is mixed as traders are keeping a close eye on the August 12th crop report as that will definitely show what type of damage was done in the springtime and give a more accurate acres number.
The volatility is still very high and that’s going to remain that way for quite some time as I still do believe higher prices are ahead, however in the short-term I think there could be some weakness so keep a close eye on this market as we could be involved in a bullish position soon.
CHART STRUCTURE: POOR
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