Corn prices have reached the anticipated target of $410.00, where they encountered significant resistance. Recent trading has been confined within a minor bullish channel, which appears to be forming a bearish flag pattern. A break below the $407.80 level is expected to activate the negative implications of this pattern, potentially driving the price back onto its main bearish trajectory.
In light of this, a bearish outlook is anticipated for the near term, with the next significant target set at $393.50. However, if the price manages to breach $410.00, further bullish corrections could occur, with a potential target of $420.20.
The expected trading range for today is between a support level of $395.00 and a resistance level of $415.00.
Trend Forecast: Bearish
