The corn chart had a very disappointing day, we came down not only testing the lows from almost 3 weeks ago but made a new low at 5.61.

That does keep the overall downtrend intact despite the fact that we have had a couple of sharp rallies, one 2 weeks ago and one last week.

Chart watchers are probably eying up an extended period of consolidation between about 5.40-5.65 and we are very close to that level.

So even though we are in a downtrend we are not looking for significant downsides from this level.