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Have Corn Prices Bottomed ?

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Corn Futures---Corn futures in the July contract reversed earlier losses while finishing up 2 cents at 3.21 a bushel as prices are right near a 2 week high as the commodity markets are starting to see light at the end of the tunnel as that I think many multi-year lows might finally be at hand.

If you've been following my previous blogs you understand that I've been bearish corn, however if you take a look at the daily chart it has been unable to break that critical 3.10 as there is the possibility that a price weather premium might be at hand as we enter the hot and dry summer months. If you take a look at the downtrend line it has finally been broken over the last couple of months as the volatility still remains relatively low as that situation is not going to last much longer as we will have huge price swings as weather conditions starting in the month of June.

Corn prices are now trading slightly above their 20 day moving average as I will be looking at a possible bullish position in the coming days ahead as I think downside is very limited and if we experience any hot and dry conditions like we witnessed in 2012 sending corn prices up to around the record 8.50 level so look to play this to the upside.




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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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