Corn futures generate a buy signal

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 (3/05) along with most of the grain complex.

This move higher for May corn futures generates a buy signal on the daily chart.  This is the first buy signal since the trend changed to the upside on the daily chart as corn futures near their mid-January highs.  Taking a look at the weekly chart corn gave a buy signal last week and this week has bumped up against the 50-week SMA.  A close above the 671 level is a bullish indicator.  The trend is up on the monthly chart for corn as well.

Last weekChina's agriculture ministry reported this year's grain crop would come in around 46 million tons short of the precious year indicating the may become a more active buyer in the world corn market.  Increased worldwide economic growth and possible weather damage to crops inSouth Americaalso add fuel to the bulls' camp.

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Futures, options and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.