Corn prices posted another new high, today’s high at 7.73 is the new contract high and keeps the uptrend intact.

But we have been noting that the technical indicators are extremely over bought, that doesn’t mean that the market has found its top, but it does tell us the market is in a position where a correction to the downside would not be difficult.

Initial chart support would come in at 7.44 with further chart support down in the 7.25-7.30 range.

There is no sign of topping action, but the market is certainly becoming more vulnerable to a correction based on chart and technical.