Daily and Monthly Corn Chart

Corn prices do look a little bit toppy off of a short term chart perspective. We’re clearly still in a long term uptrend but today’s trade does look a little toppy. Although, today’s close was able to rebound $0.07 off the daily low. We’ve mentioned that with corn at new contract highs there is really nothing on the daily chart as far as overhead resistance. As we look at the monthly corn chart, the highs from yesterday at $5.02 is a new contract high. You have to go back to the highs posted in 2014 to see the next level of overhead resistance at $5.19.