The downward trajectory for corn prices persists, with the market touching the 470.60 level. Today initiates with renewed negativity, heightening the likelihood of breaching this level and paving the way for a continued decline on an intraday basis. It’s crucial to reiterate that our subsequent target is situated at 462.00.
The prevailing scenario maintains the bearish trend, fortified by the negative pressure exerted by the Exponential Moving Average (EMA50). A pivotal point to monitor is the breach of 476.00; achieving this could shift the intraday sentiment towards a potential upward movement, targeting 481.30. However, clarity on the next trend will only emerge post this decisive level.
The projected trading range for the day is expected to span between the support at 465.00 and the resistance at 475.00.
Anticipated Trend for Today: Bearish
