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Corn prices have demonstrated positive trading momentum, approaching the $416.30 mark, which corresponds to the 38.2% Fibonacci retracement level from the recent decline that began at $463.30. Should prices surpass this key level, they are anticipated to advance toward the next Fibonacci correction level at $425.30.
The current bullish trend is expected to continue in the near term. However, a decline below $405.20 could negate this upward momentum, leading to a potential reversal in price direction.
For today, the anticipated trading range for corn prices is between $405.00 on the support side and $420.00 on the resistance side.
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Who Initiates Delivery In A Corn Futures Contract?