March Corn Futures a Buying Opportunity on Fresh Price Strength
The resilience of the corn market, in the face of bearish “outside market” forces (plunging crude oil prices and a strong U.S. dollar) has been very impressive. This suggests the bulls have underlying power. A move in March corn prices above chart resistance at $3.94 1/4 would give the bulls fresh upside momentum and it would also become a buying opportunity. The upside price objective would be $4.35 or above. Technical support, for which to place a protective sell stop just below, is located at $3.75. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grain markets.
