Corn Futures—Corn futures in the July contract experienced a wild trading day this Wednesday afternoon in Chicago creating a possible double top around the 3.99 level before selling off finishing down nearly $0.05 at 3.89 a bushel & if you have been following any of my previous blogs you understand that I’m looking to take a bearish stance against wheat and corn as I think this is overdone to the upside.
The American farmer will plant the crop coupled with the fact that there are several price gaps that I think will be filled as I have seen these floods before as then the weather improves as the fundamental picture remains weak as I think a sell off is coming in the days ahead.
Corn prices are trading above their 20 & 100 day moving average as the trend is higher as there is a lot of uncertainty especially if the rain continues as historically speaking corn planting is at its all time low for this time of year, however I still think everything will be fine in the long run as this commodity markets remain bearish and if you’re a farmer take advantage and sell in my opinion.
CHART STRUCTURE: POOR
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