Corn prices have exhibited strength as they found substantial support at the 487.90 level. The market saw a bullish rebound at the opening of today’s session, challenging the key resistance at 493.20. This battle between support and resistance will determine the next trajectory for corn prices. As we await a clearer signal for the upcoming trend, the current stance is neutral.
It’s important to highlight that a successful breach of the mentioned resistance will likely lead to a revival of the main bullish trend, with initial targets set at 498.50. Conversely, a break below the support level would be a negative development, signaling a resumption of the downtrend and paving the way for new downside targets around 481.30.
For today, traders should anticipate a trading range with support at 487.00 and resistance at 498.00.
Today’s expected trend: Neutral
