Corn Prices Higher Off USDA Report

Corn Futures--- Corn futures in the May contract finished up 6 cents at 3.93 hitting price levels that we haven't seen since August 2017 reacting positively off of the USDA crop report showing lower worldwide supplies as this market remains bullish in my opinion.

I have recommended several bullish positions originally in the March contract around the 3.58 level and if you took those trades place the stop loss at the 10 day low which now stands at 3.76 as the chart structure will improve in next weeks trade therefore lowering the monetary risk as the next major level of resistance is at the $4 level which could be tested in tomorrow's trade.

The volatility in corn is starting to increase slightly, however spring planting is about 5 weeks away & certainly will see volatility expand to the upside in my opinion. We will have to see what the official U.S planted acres will be as there are a wide range of estimates as I still think there is the possibility that we will have a weather problem such as drought which we have not experienced since 2012 could happen this year sending prices dramatically higher in my opinion.

Corn futures are trading above their 20 and 100 day moving average telling you that the trend is higher as we continue to grind slowly to the upside on a weekly basis as demand has come back into this market despite the fact that the U.S dollar was up 60 points today, but is still right near a 3 year low so stay long and continue to place the proper stop loss.




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