Corn prices have broken decisively below the $434.30 mark, closing under this level in yesterday’s trading session. This shift signals the potential for further declines, with the commodity expected to face downward pressure in the near term. A key target to watch is the $425.30 area, which could become a focal point as prices continue their bearish trajectory.
A bearish sentiment is likely to prevail today unless corn prices manage to reclaim the $434.30 level and hold above it. A sustained rally above this threshold could trigger a shift in the current market dynamic. However, if prices fail to recover and break below this level, it could set the stage for additional losses, with $416.30 emerging as the next major support level.
The anticipated trading range for corn today is between the support at $420.00 and resistance at $435.00, with the market poised to react to any developments around these levels.
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