Corn prices experienced a recent decline, reaching the newly awaited target at 470.60. Currently, the market reflects a temporary shift towards a bullish bias, influenced by stochastic positivity. Despite this, we anticipate a resumption of the bearish sentiment, aiming to surpass the mentioned level and further progressing towards 465.00 as the subsequent negative station.
Consequently, the bearish trend retains its expectation on both the intraday and short-term basis. It is noteworthy that a breach of 476.30 might lead to intraday gains, testing 481.30 levels before any renewed attempts at a decline.
For the current trading session, the anticipated range is situated between support at 466.00 and resistance at 477.00.
In summary, the prevailing trend for today leans towards the bearish side in corn prices, emphasizing the likelihood of further declines after the momentary display of a bullish bias.
