Corn Prices Lower 5th Day In A Row

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Corn Futures---Corn futures in the December contract settled last Friday in Chicago at 3.45 a bushel while currently trading at 3.26 down about $0.19 cents for the trading week hitting a fresh contract low continuing its bearish momentum.

The entire grain market looks bearish in my opinion as wheat has also hit a contract low today as I see no reason to be a buyer of corn as in the state of Illinois we are off to an excellent start as rain is pouring down as I write this article coupled with the fact that the 7/10 day weather forecast remains ideal.

If you are short a futures contract I would continue placing the stop loss above the 10-day high standing around the 3.47 level as I think prices will retest the 3.00 area in the coming days ahead especially if the solid weather conditions persist over the 4th of July weekend.

Corn prices are trading below their 20 and 100 day moving average as the trend is negative as the Coronavirus continues to wreak havoc therefore weakening demand as this market technically and fundamentally speaking has nothing going for it at the present time as I'm certainly not recommending any type of bullish position.




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