Last year prices hit a high of 7.75 in the month of May and at that time stocks were projected at 1.107. In July stocks came in at 1.08 and that’s when prices rallied back close to the high. Again, this was a year ago.

This year’s March futures did touch $8 per bushel, right now we are around 7.50. So, we are very near last year’s high and that’s why it’s reasonable to believe that the market believes our ending stock next year could be similar to last year’s extremely tight stock.

Therefore, prices near last year’s highs as well, that’s very close to the all-time highs that were posted back in 2011-2012.

Corn prices continue to be stuck in a sideways choppy range, this week we did work our way towards the upper end of that range.

But we still have been unable to break out of the range and we think anything within this established area is fair game going into next week’s perspective planning and quarterly grain stocks report.

It is also worth noting there has been no clear direction in the technical indicator for nearly a month. They’ve been chopping back and forth unable to get extremely overbought or extremely over sold as market prices are mostly chopping back and forth.

Corn prices yesterday were posting prices close to the contract highs at 7.47 but we pulled back yesterday off the highs and now today we were lower.

Todays close at 7.28 is about 20 cents below current overhead resistance with chart support likely coming in around the upper $6 to lower $7 range.

Yesterday’s pull back from the highs and todays plow to the downside does give the charts a little bit of a hint of a potential downtrend, although keep in mind the overall trend is still pointed upward.

Additional profit taking over the next week could push corn prices a little lower in the days to come, we are not bearish in the long term but a further correction to the downside cannot be ruled out.

Corn prices today rallied and were pushing towards the upper end of the sideways range thats been in place over the last 2-3 weeks.

With the market pushing a little higher within that sideways range, it was enough to turn the technical higher as well. Keep in mind the technical has been chopping back and forth since late February since the Russian invasion.

The market currently has overhead resistance at 7.47, that’s the contract high and that’s 13 cents above todays close.

Chart support comes in the low $7 range at 7-7.10 where our uptrend comes into play.

USDA lowered ending corn stocks by a 100 million bushels down to 1440. 

The items that we presented on the previous page would indicate that stocks could continue to slip lower if any of those items or combination of those items continue.

That may be very similar to what we seen last year when stocks continued to split through Spring and early Summer.

For the most part we have been chopping sideways for the last 2 weeks or so.

Last week we pushed towards the lower end of that range, this week pushed back towards the upper end of the range.

We do feel that really anything within this range is fair game over the next few weeks.

As the markets chopped sideways, the technical indicators have chopped sideways as well.  

Corn prices shot upward today, we did close about 8 cents off the daily high, but it was still a good move on the chart after trending lower late last week and now we have bounced back.

It was enough to hook the technical indicators, but they are stuck in the middle range and our overall corn prices are still stuck within the range that has been established over the last 3 weeks.

Anything within that range is fair game over the next few days.

Corn prices are not giving as much direction this week, the market for the most part has been in a sideways choppy range for the last 2 weeks or so.

The fact that the highs and contract highs were posted 2 weeks ago at 7.47 and the recent high from Monday were significantly lower establishes a little bit of a short term down trend but he long term is still upward.

This means we have mixed signals from a chart perspective and when we look at our technical, we also see mostly a sideways choppy pattern as the marketplace waits for new development specifically regarding the Russian war on Ukraine.