July Corn Chart

Corn prices have turned sharply lower over the last few days and have taken out initial support at $6.84 and now broken through trendline support at $6.41. The chart clearly looks negative with technicals pointed downward as well but after nearly $1 pullback in corn prices this is no place to be making sales. In fact, end users should be using this sharp break of nearly $1 to acquire ownership at these new lower levels. From a chart perspective, once we broke through $6.84, chart watchers probably eyeing up $6.29. That’s about 10-14 cents below where we closed today.