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Corn prices successfully reached the previously anticipated negative target at $425.30. Upon further analysis, the chart reveals the formation of a double top pattern, which suggests the price is likely to break below this level and move towards $416.30 as the next downside target.
Given this outlook, we maintain our bearish forecast for the upcoming period. However, if the price breaks above $434.30, the expected decline will be halted, potentially reversing the trend to a bullish direction.
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The expected trading range for today is between $420.00 (support) and $432.00 (resistance).
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Trend Forecast: Bearish
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