Corn prices had been chopping back and forth in a sideways range for nearly 2 weeks.

Today the chart broke out to the downside, so that is somewhat of a negative factor from a chart perspective with technical indicators clearly turning down today as well.

Speculators and long position traders, a move like today spooked them a little bit and we would not rule out a further pull back to the downside, but we do have some fairly significant chart support around the 3.85 level and that’s about 10-12 cents below where we closed today.

Long term the chart sis pointed upward, and we don’t believe hat that trend will change in fact would not be surprised if new highs were posted at some point going into early spring/summer.

But in the short term, the corn market, at least for now is in somewhat of a corrective mode to the downside.