Corn prices pushed lower on a more favorable weather outlook for planting next week and prices made a new low for the move at 7.76.

Today’s prices took out initial support at 7.80, the lows from 2 weeks ago, and we are now approaching our trend line and also the 40-day down around the 7.65-7.70 level.

If we get down to that level technical indicators may get into the oversold range.

The chart and technical indicators are pointed downwards, so it is possible for additional downside risks.