Recommending To Sell More Corn

Corn Futures--- Corn futures in the December contract are trading lower for the 3rd consecutive trading session down another 3 cents at 3.49 a bushel as I am now recommending another bearish position at this level as the initial recommendation was around the 3.66 level and if you took the trades place the stop loss at 3.70 as the risk on both contracts now stands at $1,200 per contract plus slippage and commission.

Corn prices remain extremely weak coupled with the rest of the grain market as I am also recommending a bearish position in soybeans and soybean oil as the WASDE report which was released yesterday stated above estimated yields and production numbers as we are awash in corn and soybeans at the present time so stay short as I still think there is a lot of room to run to the downside.

Prices are trading under their 20 and 100 day moving average as the trend remains negative as the downtrend line also remains intact as I still think we could touch the 3.00 level at the end of harvest as the combines will start harvesting corn next week bringing a huge supply onto this market.

The agricultural sector still remains extremely weak in my opinion as I still see 7.50 soybean prices in the coming weeks ahead, however the chart structure will not improve for another week so you will have to accept the risk at this time as this trend is strong to the downside so stay short while making sure that you risk 2% of your account balance on any given trade as the proper money management technique.

TREND: LOWER

CHART STRUCTURE: SOLID

VOLATILITY: LOW

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