July Corn Chart

Corn prices are stuck in a pennant formation. That’s a formation when we have lower highs and higher lows and it’s a narrowing formation. Right now anything within this pennant formation is fair game in the near term. If the rains materialize we could breakout to the downside which may put $6 within range from a chart perspective. If the rains fall apart or do not materialize, overhead resistance is the lower $7 range. The rains in the Thurs-Sat timeframe are going to be extremely important for grain price direction.