Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.
Corn futures rallied today (3/12) for a second consecutive trading session.
This move higher for May corn futures generates a buy signal on the daily chart today. Today's buy signal comes after a large retracement as corn approaches its March highs. Looking at the daily chart corn has, in the past two trading sessions, broken through major resistance. So far this week corn futures are showing a buy signal on the weekly chart. Corn futures settling over the 50-week SMA on the weekly chart is a bullish indicator. So far this month corn futures are giving a buy signal in the month of March.
China has been purchasing large quantities of U.S. corn, adding support to corn prices.
