Corn prices down sharply today, now the long-term trend is still an uptrend and the intermediate term trend, but we are having another correction.
As we mentioned, we’ve had a number of corrections in this market, we are going to have more corrections from time to time.
We believe todays correction to the downside is mostly just a correction with an overall up trending market.
The US weather for planting is far form ideal and thew Russia/Ukraine war is still ongoing restricting supplies from the Black Sea region.
We did close at 8.03, only 13 cents off the daily low.
Current chart support would be at 7.80, last week’s low, overhead resistance at 8.24 which was Fridays high.