Corn Price Achieves Target, Bears in Control

Corn price has successfully reached our projected target, precisely touching 474.00 and currently hovering in its proximity. The prevailing outlook favors a sustained bearish bias, suggesting the potential for further declines with new downside targets, notably the previous low at 470.60.

The bearish trend remains a dominant theme, reinforced by the support from the EMA50. It’s crucial to monitor the price action, with a breach above 481.30 signaling a potential shift in sentiment and a shift towards a bullish trajectory.

The expected trading range for today is delineated between the support at 470.00 and resistance at 478.00, reaffirming the current bearish trend. Traders are advised to stay vigilant for any signs of trend reversal.