July Corn Chart 5-21-21

Corn prices have fallen sharply, in fact, fell a dollar off of the highs at $7.35 about 2 weeks ago to the low on Monday at $6.33. Prices have rebounded off of Monday’s low and we’re sitting right in the middle of an expected trading range with overhead resistance at $6.84 and chart support in the $6.29 level. We do believe weather will be the primary factor that will determine if prices can work high or lower as we head into next week’s trade and today’s close just a fraction below $6.50, is very close to the middle of that range. Technical indicators are showing signs of trying to bottom but they’re not extremely oversold. Therefore weather will be the determining factor early next week.