July Corn Chart

We reconfigured the chart after last Friday’s big drop in prices and then again today combined with the fact that last week’s high at $7.17 did not take out the previous high from May. This allows us to draw a downtrend line off of the past two months highs and then an uptrend line that is ongoing. Chart support is in the $6.40 area and overhead resistance is a little bit above $7. Anything within this range is fair game based on weather forecasts that are released over the next couple of days. With the drop in prices that last couple of days, it was enough to turn the technical indicators so chart and technical indicators are much more negative looking than they were just last week.