The December Corn is trading at 400 in the electronic session on the high.The range has been 400 to 395. Here we go sports fans, the next leg up.Weather is the precipitating factor to how far we go. I look for the next resistance to be around 408 to 410.Stay tuned to the weather channel and ride this rally!
Todays reports due out at 7:30 CST that should set todays tone in the marketplace, Export Sales,Initial Jobless Claims and PPI.This will be followed up by Industrial Production and Capacity Utilization at 8:15 CST.And let's not forget EIA Natural Gas Storage data released at 9:30 CST.I expect the markets to trade to their own level after traders gather the numbers andthe only thing holding back bearish sentiment is tomorrows CPI and Real Earnings number!
I remain bullish Corn and bearish on the Energy Complex!Stay Tuned!
Have a great trading day!
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