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Will Corn Prices Fill The Gap ?

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Corn Futures---Corn futures in the December contract which is considered the new crop is currently trading at 4.36 a bushel after settling last Friday in Chicago at 4.59 as extremely warm temperatures have entered the midwestern part of the United States coupled with the fact of heavy rains and that has pushed prices lower. The crop development should start to improve as hot & wet weather is what corn and soybeans like as that is exactly what is occurring at this time as the weather will turn cooler next week.

The large money managed funds are still long around 180,000 contracts as they still believe higher prices are ahead as I am currently not involved, but I do think the downside is limited as I would just love to see the gap at 4.20 be filled as then I will be entering into a bullish position. Traders are awaiting the August 12th crop report as that certainly will send some clarity into this market as we don't know how many acres were actually planted in 2019 so look to be a buyer on some type of price dip.

Corn prices are now trading right at their 20 day but still above their 100 day moving average as the trend is mixed as we really have gone nowhere since late May as we are awaiting some fresh fundamental news to dictate short term action.




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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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