Corn Prices Look To Head Lower

Corn Futures--- Corn futures in the December contract are continuing their slow grinding bearish momentum to the downside settling last Friday in Chicago at 3.52 while trading at 3.45 & if we close at that level that would be a closing contract low & if you decide to take a short position place the stop loss above the 10 day high standing at 3.54 as the risk would be $450 per contract plus slippage and commission.

I will not take a short position in corn as I probably will not be involved in this commodity for some time as I think prices are very limited to the up and downside as I will look for better potential in other sectors,however the trend in corn and wheat looks to move even lower as harvest is only expected to be about 30% complete in the Midwestern part of the United States which means there as still about 10 billion bushels in the ground that has to be brought into the market which should definitely keep a lid on prices in the short-term.

Corn is now trading below its 20 and 100 day moving average telling you that the trend is lower & if you take a look at the daily chart we continue to have lower highs which is a bearish technical indicator as I'm certainly not recommending any type of bullish position and if you are producer I would be looking at selling.TREND: LOWERCHART STRUCTURE: SOLID

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