Drought In Argentina Spurs Corn Prices

Corn Futures--- Corn futures in the March contract settled last Friday in Chicago at 3.62 a bushel while currently trading at 3.67 up about 5 cents for the trading week as trading will not resume until next Tuesday due to the Presidents holiday weekend as you should see the volatility increase next week.

There are major concerns about growing conditions in the country of Argentina as the good/excellent rating in corn is only at 14% which is extremely low as the soil moisture is depleted as that is why you are witnessing a significant rally in soybean meal and soybeans.

I have been recommending 2 bullish positions with an average price of 3.58 & if you took those trades continue to place the stop loss at the 10 day low standing at 3.56, however in next week's trade that will be raised to 3.61 as the chart structure is outstanding & if we can crack the 3.70 level I will be recommending another position as I still remain bullish.

Corn prices are trading above their 20 & 100 day moving average as the trend is to the upside as I am bullish the entire grain sector as the U.S dollar hit a fresh 3 year low today before rallying towards the closing bell as that trend remains bearish in my opinion which is good for exports and creates strong demand for corn and other agricultural products.

Traders are awaiting the next USDA crop report which will be released in the month of March as that will show planting intentions as I'm certainly hoping that we don't plant a record amount in 2018 as overproducing has been the main problem for corn & the rest of the grain market as that is why prices have been depressed, however stay long as I remain bullish this commodity.




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