July Corn Chart

Corn prices after consolidating just before the crop report have fallen sharply. In fact, July corn is down 61 cents over the last couple of days. New crop Dec corn has fallen 85 cents this week. The long-term trend for corn is still up. The intermediate trend is still up but the short-term trend has turned down. Technicals have turned lower, there is no sign of bottoming action. The next level around the $6.60 type level and that’s about 10-15 cents below where we closed today. If the upward trend line does not hold, then the market might eye up the $6.29 spike low we saw about 3 weeks ago. Following the sharp break we’re not overly bearish on corn but in the short term further correction to the downside is certainly possible from a chart and technical perspective.