Corn prices have experienced a downward trend in recent sessions, reaching the anticipated target of $445.40. The market has shown bearish momentum, influenced by negative stochastic indicators, though the 50-period Exponential Moving Average (EMA50) continues to provide support from below. If prices breach the $445.40 level, further gains could be seen, potentially pushing corn prices toward the next target of $452.00.
For the upward trend to remain intact, it is crucial for prices to hold above the $434.30 level. A break below this support could reverse the current positive momentum, leading to a decline toward the $425.30 level.
The expected trading range for corn today is between $435.00 as support and $448.00 as resistance.
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