Trade Agreement Bullish Corn Prices

Corn Futures---Corn futures in the March contract settled last Friday in Chicago at 3.76 a bushel while currently trading at 3.80 up about 4 cents for the week as prices look to have bottomed out as the United States and China have cemented the phase 1 trade agreement which is very bullish the entire agricultural sector.

I will be looking at a bullish position if prices close above the 3.85 level as that area was touched briefly today only to sell off while then placing the stop loss under the September 9th low of 3.65 as the risk would be $1,000 per contract plus slippage and commission.

The chart structure is outstanding at the present time due to the low volatility as prices are trading above their 20-day, but still below their 100 day moving average which also stands at major resistance at 3.91, however fundamentally speaking this market has changed as we also have passed the USMCA trade agreement with Canada and Mexico as that is a very bullish fundamental factor for corn prices as I do think the long-term bottom is at hand.

Corn prices are right near a 4 week high as the risk/reward is in your favor and if we crack the 3.85 level I think that could happen next week so look to play this to the upside as the downside is very limited in my opinion.

TREND: HIGHER--MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

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