Corn prices experienced a significant drop last Friday, successfully reaching our anticipated target of $408.10. The price is currently attempting to break this level, suggesting the potential for further declines in the upcoming sessions. The next target is projected to be $394.00.
It is crucial to confirm the break of the $408.10 level to reinforce expectations of a continued decline. If the price consolidates above this level, it may initiate a bullish wave and attempt to recover, with gains potentially starting at the $420.00 mark.
Expected Trading Range
Support at $394.00 and resistance at $415.00.
Related topics:
Corn Futures Decline Ahead of USDA Reports
The Impact of High Temperatures and Water Stress on Corn Crops
Corn Prices Plunge to Expected Targets, Bearish Trend Likely to Continue