Corn prices displayed a notable surge in recent sessions, marking an attempt to breach the initial critical resistance level at 487.90. However, the price maintained its position below this level, resuming the prevailing bearish sentiment and gearing up for further anticipated declines in the forthcoming sessions. Analysts are closely monitoring the potential revisit of the 481.30 level, emphasizing that breaching this level could propel the price toward the 474.00 areas.
Crucially, the Stochastic indicator is generating negative signals, supporting the outlook for continued decline. This bearish scenario remains contingent on price stability below 487.90, with particular significance below 493.20.
Expected Trading Range: $477.00 (Support) – $490.00 (Resistance)
Expected Trend: Bearish
