December corn (ZCZ26) futures present a buying opportunity on more price strength. See on the daily bar chart for December corn that prices rallied strongly Wednesday to negate a downtrend. Bulls have quickly gained upside technical momentum and now have the near-term technical advantage.
Coffee Prices See Support As Colombian Earthquake Temporarily Halts Exports Sugar Prices Post New 1.25-year High But Then Fall Back Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Fundamentally, the corn market got a bullish surprise with the Wednesday USDA supply and demand report. Also, domestic and export demand for U.S. corn has been solid.
Shipping bottlenecks in the Black Sea region are also bullish for corn. A move in December corn above chart resistance at this week's high of $4.81 1/2 would give the bulls more power and it would also become a buying opportunity. The upside price objective would be $5.25 or above.
Technical support, for which to place a protective sell stop just below, is located at $4.65. IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities.
However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): Trading commodity futures and options is not for everyone.
IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts.
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