Corn Futures—Corn futures in the December contract settled last Friday in Chicago at 3.27 a bushel while currently trading at 3.20 down about $0.07 for the week hitting another fresh contract low as this market technically and fundamentally speaking remains on the defensive.
At the current time I do not have any grain recommendations, but the entire sector looks weak despite the fact that the U.S dollar is at a 2 year low as outstanding growing conditions in the Midwestern part of the United States continues to hamper prices in the short-term.
In my opinion I think corn prices could hit the 3.00 level in the coming weeks ahead which is lower by another 6%, but I will not take a short position as I think the downside is very limited as the poor fundamental news has already been deflected into the price.
Corn futures are trading far below their 20 and 100 day moving average as the trend is to the downside and if you are short a futures contract I would continue to place the stop-loss above the 10-day high standing at 3.33 as an exit strategy as the trend is your friend and the path of least resistance is to the downside.
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