Corn Prices Hit 4 Week High

Corn Prices Hit 4 Week High
Corn Prices Hit 4 Week High

sun rise over the corn field

Corn Futures—Volatility in corn certainly has increased substantially as we have gone from a yearly low in yesterday’s trade to a 4 week high today rallying about $0.27 from yesterdays low as prices today are up $0.14 at 3.70 a bushel off of a very bullish crop planting report.

As I have talked about in many previous blogs the weather in the state of Illinois has been extremely cold and wet as only 11% of the corn crop has been planted versus 88% last year as prices have finally reacted as this price increase is welcome to the U.S farmer.

If you take a look at the daily chart a price gap was created today between 3.57 / 3.60 as I don’t like gaps as I generally think they are filled and if the weather improves and planting can accelerate you probably will see that filled.

Corn prices are now trading above their 20 day, but still below their 100 as the trend is mixed, but a short-term spike bottom may have created, however weather is the main dictator of price action going forward.

The 7/10 day weather forecast has much warmer weather conditions with scattered rain as spring has finally showed up as this will be a very long growing season with high volatility, so make sure if you are involved that you place the proper amount of contracts as you will see violent price swings just like we witnessed in the last 2 trading sessions

TREND: MIXED

CHART STRUCTURE: POOR

VOLATILITY: HIGH

 

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

 

Skype Address: 5da1f85979b7117b

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.