July Corn Chart

Corn prices have collapsed over the last week to week and a half. This collapse began last week when we did not get any bullish surprised from USDA in the monthly crop report. A favorable weather forecast that has been in place since last week has allowed prices to drift even further. One piece of good news for July corn is that the low last night at $6.33 but we closed at $6.52, 19 cents off the overnight low. Corn prices have overhead resistance in the $6.80-$6.85 range with chart support at the spike low in late April at $6.29. We think anything within this range is fair game during the course of this week’s trade which means we’re a little bit closer to the low end than the high end at least in the nearby.