Corn Prices Near 3 Week High

Corn Futures---Corn futures in the July contract is currently trading at 3.88 a bushel hitting a 3 week high after settling last Friday in Chicago at 3.82 as it looks to me that the 3.70 level will hold as the short term bottom.

Massive flooding has occurred in the states in Nebraska and Iowa and there are some concerns about delayed planting as corn is planted ahead of soybeans, but it is still very early as there is still time ahead.

Corn prices are trading above their 20 day but still below their 100 moving average as I have been looking at a counter trend trade over the last several months as now I will be looking at the next price dip to enter.

The large money managed funds were short around 260,000 contracts right near an all time record and as I stated in previous blogs I thought there could be a short squeeze, however that has not happened, but it seems to me that their liquidation at this time is causing higher prices.

The next major level of resistance is around the 3.95 / 4.00 level as I think in the coming weeks ahead we will trade above that level as there's too much uncertainty at this time and if you are a farmer and don't have to sell wait for higher prices in my opinion.

TREND: --MIXED---HIGHER

CHART STRUCTURE: SOLID

VOLATILITY---INCREASING

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