Corn Futures---Corn futures are trading lower for the 3rd consecutive session down 2 cents in the July contract at 3.90 a bushel reacting negatively off of the WASDE crop report as carryover levels were slightly higher than expected.
I've written about corn on multiple occasions as I am looking at a possible bullish position despite the fact that the trend is lower as prices hit a 3 week low as final production numbers for 2018 were 14.420 billion bushels produced with an average of 176.4 bushels per acre as now we will start to focus on the 2019 spring planting.
The volatility in corn is exceptionally low and if prices break 3.87 that would be a 10 week low with the possibility of trading down to the 3.80 level as I will be taking advantage of any significant weakness as I think a longer term bottom is in place.
Corn is trading below it's 20 and 100 day moving average as the trend is to the downside, but we have been going sideways for months as we need some type of agreement on March 1st with China and the United States on trade & if that comes out positive that would be terrific for the grain market which has been hampered due to that uncertainty.
In my opinion I think the downside is very limited so I will take advantage of price weakness so keep a close eye on this market as I will be writing about it next week.
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