Corn Futures---Corn futures in the December contract is currently trading lower by 13 cents at 3.80 a bushel as I had been recommending a bullish position from the 4.00 level as it is time to move on as this market has turned bearish.
Originally my stop loss was at the contract low of 3.63 as I'm not willing to risk anymore as the crop report that was released yesterday was extremely bearish as production numbers are right near 14 billion bushels as there was very little damage caused by the floods. Carryover levels increased substantially coupled with the fact that there is extremely weak demand for corn at this time so move on and become neutral as my only recommendation in the grains is a bearish wheat position.
Corn prices are trading below their 20 and 100 day moving average as the trend is lower as harvest is right around the bend as the grain market still remains bearish my opinion. The crop progress report was released yesterday showing that 57% of the crop is in good/excellent condition, but the fact that we're going to produce almost 14 billion bushels was quite a shock to this market as the crop looks to get larger not smaller in the coming weeks ahead so its time to look at other markets that are beginning to trend.
CHART STRUCTURE: POOR
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