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Revisiting Corn

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An updated weekly corn chart shows a market that is running out of sellers. The latest Japanese candlestick formation is a hammer which in this situation is bullish. At the very least it's not bearish regardless of what the fundamentalists indicate. With plentiful stocks this market has limited upside but the funds are quite short which could lead to a short covering rally. Additionally, corn has a high correlation with crude oil but for several months has diverted away from this correlation. Crude Oil could be at a crossroads with a potential double top in the making, but if the rally continues it may help drag corn higher.


March futures bounced up after the trade tested the November low this past week. Futures then found resistance exactly at the 40 DMA of 3.59. The next upside objective is the November high of 3.65 followed by the October high of 3.69. Additional resistance is found at the September high of 3.74 and a 38% retracement objective at 3.87. Support begins at the 18 DMA of 3.54 followed by the November low of 3.48. In the past two weeks the chart picture that has developed is a small bottoming formation. It can be called a double bottom or a 1,2,3 formation.Call it what you want but Friday's close above 3.58 was a positive development for a further recovery effort to unfold. There's much upside work to be done but it's a step in the right direction. Additionally, a couple of weeks ago the weekly chart posted a selling exhaustion. This past week another selling exhaustion occurred which reinforces the idea that this market is attempting to forge a low.

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About the author

Steve Fast is the owner and technical analyst of Commodity Concepts LLC based in Ohio. It is a futures chart based grain advisory service which utilizes professional trader techniques to assist in the decision making process. Clients normally utilizing this expertise are farmers, futures brokers, and grain buyers. He has been involved in the grain industry for over 36 years. Thirty-four of those years were in grain elevator management, merchandising and origination.  He began both the farmer advisory service and farming part-time in 2000. In 2015 he transitioned into full time grain farming as well as broadening the scope of the advisory service. More information can be obtained by logging onto


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