Corn prices exploded to a contract high last night, but corn prices did pull back over the course of today’s trade. Corn closed about unchanged in the May contract while new crop closed lower.

The gradual uptrend allows for corrections along the way, but as the market explodes to the upside corrections are likely to be much more significant and any sign of a ceasefire between Russia/Ukraine could cause a sharp down day or two.

Our next level of chart support is likely to come in around the $7 level, that doesn’t mean that the market can’t go lower but this will be the next level on the chart that traders may be looking for if we see a correction. That’s about 25 cents below where we closed today.