Corn price has encountered challenges in breaking through the key level at 487.90, leading to indecisive price movements. The market has made several attempts to trade positively and has even tested the EMA50. However, it has since declined and is once again pressing against the aforementioned support. The next significant step for the market would be a break below this support, signaling a potential move towards 481.30 as the next negative target.
As the current conditions persist, we maintain our bearish outlook for the forthcoming period, with the bearish sentiment dominating unless the price successfully rallies to breach 493.20 and maintains a position above this level.
The expected trading range for today is between the support level at 481.00 and the resistance level at 491.00.
Current Trend: Bearish
