Corn prices are currently experiencing a period of consolidation characterized by sideways and tight trading, with the market hovering around the 490.00 level. This lack of significant change does not alter our outlook, which continues to favor the bearish trend on both intraday and short-term horizons.
The prevailing bearish sentiment is reinforced by the presence of the EMA50, with its support contingent on the price’s ability to remain below 509.50. It’s crucial to bear in mind that our next primary target resides at 435.60.
For today’s trading session, the expected trading range is anticipated to fluctuate between the support level at 475.00 and the resistance level at 495.00.
In summary, the current market conditions have led to a consolidation phase for corn prices, but the overall sentiment remains bearish. The sustainability of this bearish trend relies on the price’s ability to stay below the critical level of 509.50.
