Corn prices yesterday were posting prices close to the contract highs at 7.47 but we pulled back yesterday off the highs and now today we were lower.

Todays close at 7.28 is about 20 cents below current overhead resistance with chart support likely coming in around the upper $6 to lower $7 range.

Yesterday’s pull back from the highs and todays plow to the downside does give the charts a little bit of a hint of a potential downtrend, although keep in mind the overall trend is still pointed upward.

Additional profit taking over the next week could push corn prices a little lower in the days to come, we are not bearish in the long term but a further correction to the downside cannot be ruled out.