Are Corn Prices Going Higher ?

Corn Futures---Corn futures in the December contract settled last Friday in Chicago at 3.97 a bushel while currently trading at 3.92 down about 5 cents for the trading week looking for some fresh fundamental news to dictate short-term price action.

I have been recommending a bullish position from the 3.80 level and if you took that trade continue to place the stop loss under the October 10th low of 3.78% as an exit strategy as the chart structure is outstanding at the present time due to the low volatility.

Corn prices are trading above their 20-day but still below their 100 day moving average which stands at major resistance at 4.07 and if you take a look at the daily chart the uptrend line still remains intact as I remain bullish.

Heavy snow has entered certain parts of the Midwestern part of the United States which could hurt production numbers but we will not find out until the next crop report which will be released in the 2nd week of November as I also have bullish recommendations in wheat and soybean meal as I think the commodity markets are headed higher. For the bullish momentum to continue prices have to break the October 14th high of 4.02 and if that situation occurs then prices could head up to the 4.25 level.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 as I will be more than happy to help you with your trading or visit www.seeryfutures.com

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