Corn prices had a sharp down day, now we didn’t make a new low, did not take out yesterdays low, but we did make a new low close at 7.33. That’s almost 50 cents below the high that was posted last week on Friday.

From a chart perspective, the chart is looking slightly negative and slightly toppy, technical indicators have turned down as well.

Chart and technical would certainly tell us that there may be some additional downside risks in the near term, but before we get overly barrish we are expecting this market to remain extremely volatile in the next few months.

Current chart support may be eying a gap in the market from a week ago, which is around the 6.85-6.88 level. That’s 40-50 cents below where we traded today.

Even if the market did trade down into the gap level to fill that gap, the overall trend is still and uptrend.