The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Grain TV is a daily recap after the market close, providing opinions on fundamental analysis of market direction, influences and expectations. This daily program is produced by Grain Hedge, a discount brokerage firm that provides farmers and elevators with agricultural intelligence including live market quotes, cash bid data, the Grain Hedge Optimizer™ and mobile trading platforms, all for $7 commission per side. Grain Hedge provides tools to allow farmers the ability to trade when the markets move without having to wait for a broker and the information to execute a marketing strategy with confidence.
We reported on Friday's GrainTV that the 650 level for DEC corn was providing serious resistance and today we saw it once again. We carried the positive momentum from the overnight session into today's trade, but once again sold off hard into the close ending the day up just 1/2 cent at 649 3/4. Technically, this is very bearish but if a breakout does occur expect resistance around the 677 area which is a 50% retracement of September's sell-off. Below is the daily DEC corn chart, take a look at the "grave stone" formations from the last two days of trade. To get live-quotes and charting in your home today, take a Grain Hedge demo or give us a call: 877-472-4607
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