Corn Tech Update

Grain Market Commentary

Wednesday, January 9, 2019

by Jacob Christy, Freedom Program Trader

The corn market continues to consolidate inside a long-standing wedge or sideways triangle pattern. Prices were able to find support at the 50-day moving average yesterday and bounced of the 20-day today. Holding above the moving averages is a good sign, but momentum indicators have moved into overbought territory which could keep new buying interest on the sideline. Moving outside the main triangle formation would open the market to a test of 367 to the downside, while upside targets rest at the combination of old highs and 200-day moving average near 390.

Prices are taking direction from a few fundamental issues. With the market tightly coiled by the wedge formation, a breach in either direction could uncap some pent up speculative positioning. The market is likely to expand its price paradigm in the next few weeks.

The Andersons Tech Update Corn Jan 9, 2019

The Andersons Tech Update Corn January 9, 2019