Have Corn Prices Bottomed ?

Corn Futures---Corn futures in the December contract settled last Friday in Chicago at 3.55 a bushel while currently trading at 3.72 up for the 2nd consecutive session acting positively off of yesterday's crop report which showed production numbers at 13.799 billion bushels as that was lowered by 102 million as prices are right near 2 week high.

If you take a look at the daily chart there's a price gap that was created on August 13th between 3.88 / 3.92 as that could be the next level that will be tested as I'm currently sitting on the sidelines as I do not have any grain recommendations at the present time.

Corn prices are now trading above their 20 day but still below their 100 day moving average as the trend is mixed, however the chart structure is starting to improve as we could be involved in a possible bullish position in the coming weeks ahead.

Weather forecasts released yesterday stated that there could be a possible frost in the Midwestern part of the United States on September 23rd as that sent soybean prices sharply higher & if that situation does occur corn prices would spike higher due to the fact that the crop is behind schedule so be patient and sit on the sidelines.

TREND: LOWER---MIXED

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

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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