The corn price experienced significant losses in recent sessions, nearing the awaited target at $461.90. Monitoring the price at this level is crucial, as a break below it signifies the potential extension of the bearish wave towards the $449.20 area, which serves as the next significant station.
Maintaining a position below $474.70 is imperative for the continuation of the anticipated decline. A breach of this level would prompt a price recovery, potentially leading to an upward movement towards $490.40 as the subsequent main station.
Expected Trading Range: The anticipated trading range is expected to be between support at $455.00 and resistance at $470.00.
Trend Forecast: The overall trend forecast remains bearish, with the market showing clear signs of downward momentum. Traders should exercise caution, as further declines are anticipated, particularly if key support levels are breached.
