September corn futures a selling opportunity on more price weakness.
See on the daily bar chart for September corn futures that prices have backed way down from the June high and a steep downtrend line is in place. Prices Tuesday hit a 12-month low. Corn bears have quickly gained good downside near-term technical momentum. A move below chart support at Tuesday’s April low of $5.29 would become a selling opportunity. The downside price objective would be $4.90, or below. Technical resistance, for which to place a protective buy stop just above, is located at $5.50. Remember that the “mini” grain futures contracts are a liquid and viable way to trade the grains.
