Corn prices have shown a clear downward trend in recent trading sessions, testing the crucial support level at $449.20 and settling near this point. The price remains within a tight range, bordered by the support at $449.20 and the resistance at $461.90, maintaining a neutral outlook for now.
If the decline persists and the support level at $449.20 is breached, it could result in further losses, potentially driving the price down to $433.50. Conversely, if the price breaks through the resistance at $461.90, it would indicate a recovery, with the potential to reach higher levels, starting at $474.70.
Expected Trading Range:
Support: $440.00
Resistance: $462.00
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