I Am Bullish Corn Prices

Corn Futures---Corn futures in the December contract settled last Friday in Chicago at 3.84 a bushel while currently trading at 3.87 up 3 cents for the week ending on a positive note as a possible trade agreement with China could be revealed later this afternoon.

Yesterday's crop report was construed bearish as I've been looking at buying corn while waiting for the 3.80 level which was hit yesterday and if you took that trade place the stop loss under contract low which was hit on September 9th at 3.52 as an exit strategy as I want to give this trade some room.

At the current time I also have bullish recommendations in wheat and soybean meal as I think the whole complex is headed higher as corn prices are right near a 2 month high.

Corn prices are trading above their 20-day but still below their 100 day moving average which stands at the 4.08 level so there's room to run to the upside as heavy snow has entered sections of the Midwestern part of the United States as that could hurt production numbers so stay long & continue to place the proper stop loss as I see no reason to be short the grain market.

TREND: HIGHER--MIXED

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

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