Corn Prices Slightly Higher Off USDA Report

Corn Futures--- Corn futures in the March contract is trading higher for the 3rd consecutive session up only 1 cent reacting pretty neutral off of the USDA crop report lowering carryover levels slightly as prices still remain bullish in my opinion.

The large money managed funds are still heavily short corn despite the fact that they have done some short covering over the last week cutting the position approximately in half as I have been recommending 2 bullish positions with an average price around 3.58 & if you took those trades the stop loss now has been raised to 3.56 as the chart structure is outstanding at the present time as volatility is relentless to the downside.

Corn prices hit a 14 week high trading above its 20 and 100 day moving average with the next major level of resistance at the 3.70 level as I think that could possibly be tested in tomorrow's trade as I am also recommending a bullish position in wheat which was slightly lower today and oats as I am bullish the grain market across the board.

The volatility in corn certainly will start to expand as spring planting is only about 60 days away as the next USDA crop report will estimate planted acres which are estimated to be around 94 million which still could produce a crop around 13.7 billion bushels which would be outstanding once again as I do think demand is coming back in this market as all the bad news has already been reflected in the price so continue to be bullish this commodity.




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