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Nothing Bullish About Corn


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Corn Futures--- Corn futures in the December contract are down 6 cents this week at 3.42 a bushel continuing its bearish momentum hitting a fresh contract low yesterday reacting negatively off of the USDA crop report estimating 175.4 bushels per acre which is an all-time high as production numbers were raised 298 million bushels to 14.578 billion as this report was extremely bearish in my opinion.

At the present time I'm not involved in corn and I will not take a short position, however after that I would have to think that corn prices will probably move $0.10/$0.15 lower in the coming weeks ahead as there is nothing bullish about this commodity except the fact that unleaded gasoline is hitting another contract high today.

The volatility in corn is extremely low at the present time as there will be very little fresh fundamental news to push prices higher except for possible short covering as the large money managed funds are heavily short wheat and corn so look for lower prices ahead.

Corn prices are trading below their 20 and 100 day moving average as the trend is to the downside as I still think prices are limited as were talking $0.10 or $0.15 which is not much as in the summertime that is a one day rally or selloff as I still think 2018 there will be a silver lining in this commodity as we just need to plant less acres than we have in the past otherwise this is going to put farming corn in jeopardy down the road in my opinion.


TREND: --LOWER


CHART STRUCTURE: ---EXCELLENT


Volatility---LOW



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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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