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Was A Double Bottom Created In Corn ?


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Corn Futures---Corn futures in the March contract are currently trading at 3.56 a bushel after settling last Friday in Chicago at 3.51 up about 5 cents possibly creating a double bottom around the 3.49 area on the daily chart. At the present time I'm not involved in corn and as I've talked about in many previous blogs I think the downside is limited especially due to strong ethanol demand at the present time helping support prices.

Harvest is completed in the Midwestern part of the United States as we produced around 14.5 billion bushels as we will now focus on the 2018 crop with an estimation of around 91.4 million acres planted which could produce another large crop once again.

Large money manage funds are still estimated to be short around 230,000 contracts as they still believe prices are headed lower despite the fact that we are right near a 3 week high & if that continues to the upside you would have to think that massive short covering could take place in next weeks trade.

Prices are still trading below their 20 and 100 day moving average as the trend is to the downside as volatility is extremely low currently as that should start to increase soon as the chart structure is outstanding at the present time as we really have gone nowhere over the last month. I could possibly be entering into a bullish position relatively soon as I will not take a short position as we are squeezing blood out of a turnip at these levels in my opinion.

TREND: LOWER---MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY---LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

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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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