Corn Futures—Corn futures in the December contract is trading lower for the 2nd consecutive session down another $0.03 at 3.38 a bushel still hovering right near a 4 week high as prices bounced off of major support around the 3.20 area last week.
At the present time I’m not involved as the chart structure is poor despite the fact that prices are trading above their 20 and 100 moving average as the trend has turned to the upside as I do believe the long-term bottom is at hand as I will be looking at recommending a bullish position in the coming days ahead. Major storms hit the Midwestern part of the United States last week which may have damaged some of the crop as that’s why we experienced the $0.20 sharp rally coupled with the fact that the large money managed funds covered some of their short position as the open interest dropped rather dramatically.
In my opinion I think that many markets are headed higher across-the-board due to the fact that the U.S dollar is at a 27 month low and I do believe the demand will come back into all of these sectors as all of my trade recommendations are to the bullish side.
CHART STRUCTURE: POOR
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
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.