Corn Futures— Corn futures in the December contract is currently trading lower by 4 cents at 3.56 breaking a 3-day winning streak after settling last Friday in Chicago at 3.25 up over $0.30 for the week all off of the USDA crop report which stated 92 million acres were planted as that was well below estimates. Fundamentally speaking the 7/10 day forecast now has 90 degree temperatures across the board as we’re starting to enter the volatile month of July as weather is the main dictator of short-term price action going forward.
At the current time I do not have any grain recommendations, but a possible bottom may have happened, however the risk/reward is not in your favor as the chart structure is terrible so I will be patient and wait for a better chart pattern to develop.
Corn prices are trading above their 20 & 100 day moving average for the 1st time in months as the commodity markets are starting to show some signs of life. Most of this rally is due to the fact that the large money managed funds were short 285,000 contracts as they covered the majority of that over the last several days so be patient as we could be involved in this market possibly next week on some type of price retracement.
CHART STRUCTURE: POOR
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