Wild Trading Week In Corn !

Corn Futures---Corn futures in the December contract experienced a wild trading week with huge price swings on a daily basis after settling last Friday in Chicago at 4.04 a bushel while currently trading at 3.90 down $0.14 this week after rallying $0.14 last week as heavy rains came across the Midwestern section of the United States pushing prices dramatically lower in Wednesdays and Thursdays trade.

At the present time I am not involved in this market as corn has been extremely choppy over the last 6 months and has gone nowhere, however like I have stated in previous blogs I do think the downside is limited as it is still a long growing season as estimates are still around 14.2 billion bushels which would be an outstanding crop as in the state of Illinois the crop is looking very solid at this time.

Corn prices are now trading below their 20 and 100 day moving average telling you that the short-term trend is lower, however this market keeps flip-flopping above and below those averages so avoid this market at the present time and look at other commodities with higher potential for profit as this market has been stuck in the mud forever. Corn prices have had 2 false breakouts to the upside & 1 false break out to the downside over the last month as this market has been very difficult to trade successful so look at other markets that have a better risk/reward scenario such as coffee & gold at this time.TREND: --MIXED---CHART STRUCTURE: SOLID

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