Corn prices rallied sharply following the invasion of Russia into Ukraine and since that time the markets have now been chopping back and forth as the market consolidates waiting for additional input.

Last week we reached towards the upper ends of the range, yesterday we pushed down towards the lower end of the range, and today the close is almost exactly in the middle of the sideways range that’s been in pace for nearly a month.

That tells us that the marketplace is patiently waiting for additional input from tomorrow’s stock and acreage report before pushing prices too far in either direction.

That also evidence by the technical indicators where the statistics are dead center in the middle of a neutral range. The market clearly waiting for additional information before making a big move.