July Corn Chart

Corn prices limit down on Tuesday, down sharp yesterday morning but then recovered and up limit today at the close. This chart has made a significant turn in a very short period of time and its enough to turn our technicals indicators higher as well. At this point, both the chart and technicals are telling us this market could have additional upside potential. Our first upside target is $6.75, the highs posted late last week and then $6.84, a spike high from late April. This area isn’t necessarily the top of the market but it is certainly a location for the next potential target if the market does want to move higher as we move into tomorrow’s trade.