Stay Short Corn !

Corn Futures--- Corn futures in the December contract settled last Friday in Chicago at 3.67 a bushel while currently trading at 3.50 as I have been recommending a bearish position originally from the 3.66 level while adding more to the downside at 3.50 as I think prices are headed to the 3.00 level at the end of harvest.

The next major level of support is at the August 28th 2017 low of 3.28 and if that is broken I think prices could retest the August 29th 2016 low of 3.01 so stay short as this trend is getting stronger to the downside on a weekly basis.

If you took these trades continue to place the stop above the 10 day high which stands at 3.70 as the crop report which was released earlier in the week was extremely bearish in my opinion as harvest starts in the next week or so bringing in around 14.8 billion bushels which should continue to put pressure on prices in the short term.

Corn prices are trading under their 20 & 100 day moving average telling you that the trend is to the downside as I see nothing fundamentally or technically speaking bullish about this commodity at this time so stay short as I will looking at adding more contracts to the downside in next weeks trade.




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