July Corn Chart

Corn prices very disappointing. After starting out with an outside day up earlier this morning, prices turned around and collapsed, reaching limit down at one point today. Very disappointing. We felt prices might stay within this range which was up 20 cents or down 20 cents and today the market pushing sharply lower, down to $6.17. As prices move through last week’s low at $6.33 and then the low from late April at $6.29, multiple sell stops here hit pushing prices sharply lower on the day, most of it on fund liquidation and selling. Technicals now in the oversold range. There is no sign of bottoming action on the chart or the technicals yet but this is not a place to be making sales with the entire growing season ahead.