July Corn Chart

Corn prices have been trending lower over the last week/week and a half. Technical indicators have been turning lower. Today’s bounce in the market was definitely a positive as we did take out Friday’s high and technical indicators showing signs of wanting to turn higher. The market has been able to find chart support down in the $6.29-$6.30 area. And we currently have overhead resistance just above today’s high where our 10, 20, and 40-day moving averages are all converging. This market may chop around back and forth for a few days while the market waits for more clarity on the forward moving forecast.