Corn prices fell below the $449.20 mark, closing yesterday’s trading session under this critical level. This movement has activated a negative outlook for the short term, with the market now targeting lower prices starting at $433.50.
Given this scenario, a bearish trend is anticipated for today, bolstered by the downward pressure exerted by the 50-day Exponential Moving Average (EMA50). However, it’s important to note that if corn prices breach the $449.20 level again, it could halt the expected decline and prompt a potential recovery in the short term.
Expected Trading Range
Today’s trading is expected to occur between the support level of $435.00 and the resistance level of $450.00.
Related topics:
Corn and Soybean Futures Rebound Amid Heat Wave Concerns
South Dakota Farmers Hold Corn Stocks Amid Price Volatility
Corn Price Analysis: Potential Movements in the Upcoming Sessions