Corn prices are still in an uptrend off the lows posted back in July.
Markets have pulled back, we had bullish news from the September crop report, bullish news a week ago on Russia’s referendum votes, and then a lack of bullish news Thursday through today has allowed the market to push lower.
Corn is now testing chart support at the bottom of its up-trending channel.
We closed below the 10- and 20-day moving averages for the first time going back earlier in the summer.
We bed to get some bullish news and find some support at the bottom of this up trending channel or risk pulling back into 6.36-6.42 range where we had a couple of tops back earlier in the summer.