Corn prices have displayed notable bearish momentum as the trading session begins today, with a determined push below the 487.90 level. The market is endeavoring to maintain its position below this critical support, initiating the activation of a bearish scenario that may set the stage for a new downtrend, primarily targeting the 481.30 price region.
Consequently, the outlook for today suggests a bearish bias, with support from the prevailing negative pressure attributed to the EMA50. However, it is essential to bear in mind that a potential breach of 493.20 could interrupt the anticipated decline and possibly lead to a reversal of price direction.
Today’s Expected Trading Range and Trend
The expected trading range for the current day is anticipated to fluctuate between 481.00, offering support, and 491.00, serving as a resistance level. The prevailing trend for today remains bearish, consistent with the ongoing downward sentiment in the corn market.
Market participants are encouraged to vigilantly monitor these developments as they position themselves in response to the evolving dynamics within the corn market.
