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Where Is The Bottom In Corn ?


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Corn Futures---Corn futures in the July contract finished lower for the 2nd consecutive session down another $0.09 at 4.41 a bushel and has now sold off about $0.23 from Monday's high. In my opinion I think this is just a kickback as the 50% retracement from the recent low to the recent high stands around the 4.36 level as there might be a little more room to run to the downside, however I still remain bullish corn as this is just a natural pullback in my opinion.

Corn prices are trading above their 20 and 100 day moving average as the trend still remains to the upside as there are wide variances on what this 2019 crop will produce as there are still several states in the Eastern corn belt that are still having significant problems.

The Mexican Senate this afternoon approved the new NAFTA deal as it looks like that could go forward which is a positive towards corn prices as this is going to be an extremely volatile summer season so get used to these price swings as it's not going away anytime soon.

Volatility at the current time is high and it's even going to experience wilder price swings on a daily basis so make sure you place the proper amount of contracts as I do not think that Monday's high will be the top in the corn market.

TREND: ----HIGHER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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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