The grains have certainly been volatile markets of late and corn is no exception. But, corn prices have established a downtrend now. Trend Seeker, in fact, confirms a downtrend on the September contract. What's more, September corn looks as if prices are about to break through a major support level at 350. Today, prices on the September contract were down 13.2 cents to settle at 353.6. If prices can close below support at 350, then there would be a trigger to short a contract.
The good news is that if corn prices break this support, then a trader can look to the 300 cent level as the first profit target as this is the next support level. Of course, the bad news is that corn prices are extremely volatile right now and prices can turn around on a dime. Still, I do believe that this trade deserves serious consideration.
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