Corn prices experienced a significant drop, breaking through the $434.30 support level and closing below it, effectively halting the previously anticipated positive outlook. This shift points toward a potential bearish trend, with the next key target at $424.30. Should prices fall below this level, the decline could extend further, with $416.30 emerging as the next critical support.
For the bearish momentum to continue, it is crucial for corn prices to remain below the $434.30 mark. A reversal above this level, however, could prompt a price recovery, potentially pushing prices toward $445.40 in the near term.
Today’s expected trading range is between a support level of $420.00 and a resistance level at $434.00.
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