Consider buying a call option on December corn futures.
See on the daily bar chart for December corn futures that prices are in a steep downtrend and have just hit a fresh 2.5-year low. It’s my bias that there is not much downside price pressure left in the corn market and that present price levels will prove to be longer-term value-buying opportunities. See, too, at the bottom of the chart that the Relative Strength Index (RSI) shows December corn is into oversold territory (below 30.00). The RSI suggests the corn market has overdone prices on the downside. Consider buying a call option on December corn futures, with an upside price objective of $5.40, or above. The option expires in late November.
