Corn Prices Lower 6th Day In A Row

13 Mar in Blog, commodity consulting, commodity trading, corn, futures, Mike Seery, oats, option trading, seeryfutures, soybean meal, soybean oil, soybeans, wheat

Corn Futures--- Corn futures in the May contract are trading lower for the 6th consecutive trading session hitting a 7 week low as I have been recommending a short position from the 3.80 level & if you took that trade continue to place your stop loss above the 10 day high which now has been reduced to 3.83 as the chart structure is terrible, but corn prices continue to head lower. Corn futures are trading below their 20 and 100 day moving average telling you that the short-term trend is lower with the next major level of support around 3.60 & if that is broken I think we will retest 3.50 rather quickly despite the fact that we probably are only going to grow 90 million acres in 2017 which is 4 million acres less than what was planted in 2016, but the agricultural markets continue to look weak as I'm also recommending short positions in oats and soybeans as I am also bearish soybean meal as the grain market remains on the defensive in my opinion. The chart structure in corn will not improve for another 6 days so you're going to have to accept the monetary risk, but the trend clearly is lower & as a commodity trader trading with the trend or the path of least resistance is the most successful way to go over the long haul in my opinion.TREND: LOWER---MIXED –CHART STRUCTURE: POOR

 

 

 

 

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