Corn prices have recently exhibited notable bearish momentum, reaching and rebounding strongly from the awaited target at 493.20. The downward trajectory intensified as the price breached the crucial support level at 487.90 and settled below it. This development has amplified the anticipated negative pressure on corn, setting the stage for potential declines in the upcoming sessions.
Market analysts forecast that corn prices may target key levels at 481.30, with further downside potential extending to 475.00. The prevailing bearish bias is likely to persist unless the price experiences a rally, breaking above the resistance levels at 487.90 and subsequently 493.20, and holds above them.
Investors are advised to closely monitor these price levels for potential shifts in market dynamics. The anticipated trading range for today is expected to fluctuate between the support level at 475.00 and the resistance level at 490.00.
Expected Trend for Today: Bearish
