Where Is The Bottom In Corn ?

Corn Futures---Corn futures in the July contract finished lower for the 2nd consecutive session down another $0.09 at 4.41 a bushel and has now sold off about $0.23 from Monday's high. In my opinion I think this is just a kickback as the 50% retracement from the recent low to the recent high stands around the 4.36 level as there might be a little more room to run to the downside, however I still remain bullish corn as this is just a natural pullback in my opinion.

Corn prices are trading above their 20 and 100 day moving average as the trend still remains to the upside as there are wide variances on what this 2019 crop will produce as there are still several states in the Eastern corn belt that are still having significant problems.

The Mexican Senate this afternoon approved the new NAFTA deal as it looks like that could go forward which is a positive towards corn prices as this is going to be an extremely volatile summer season so get used to these price swings as it's not going away anytime soon.

Volatility at the current time is high and it's even going to experience wilder price swings on a daily basis so make sure you place the proper amount of contracts as I do not think that Monday's high will be the top in the corn market.

TREND: ----HIGHER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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