Corn price concluded yesterday’s trading session with pronounced negativity, breaching the $442.00 level and extending losses to reach $433.50 at today’s open. This development suggests a halt to the recent bullish correction, signaling a potential return to the primary bearish trajectory.
The prevailing bias is expected to remain bearish in the upcoming sessions. A decisive break below $433.50 could catalyze further downside movement, with initial targets set at $424.20, followed by $415.50.
However, should the price manage to consolidate around the $433.50 level amidst prevailing negative pressure, it could signal a temporary respite from the downward momentum, potentially leading to a new bullish correction.
Today’s projected trading range spans between support at $425.00 and resistance at $440.00.
Trend Forecast: Bearish
