Corn prices have recently tested the $416.30 level but have remained stable below it. The 50-day Exponential Moving Average (EMA) aligns with this resistance point, adding further strength to the bearish trend. Market analysts anticipate a resumption of this trend, with a target price of $405.20 as the next potential support level.
Maintaining a position below $416.30 is crucial for the continuation of the expected decline. If prices break above this level, it may signal a shift towards a corrective bullish trend, potentially leading to new gains, with the first target being around $425.30.
For today, the anticipated trading range for corn prices is set between a support level of $405.00 and a resistance level of $417.00.
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