Corn prices made a new low for the move today, that was this morning when crude oil was seeing some significant losses.

December corn moved down to 5.66 per bushel but corn reversed and closed higher on the day at 5.85, that’s 19 cents above the daily low.

Not a key reversal since we didn’t take out yesterday’s high, but it was a reversal.

It may be the first small hint that this market is finding some bottoming action.

Corn prices continue what’s a virtual freefall in prices over the last couple of weeks.

Today’s low at 5.82, the lowest price going back towards the 1st of the yea, we are now well below the prices where we were at prior to Russia’s invasion on Ukraine.  

Prices are now back to a consolidation area that we saw later last year and earlier this year. This area should provide very solid end user buying and could provide now market support as we move forward.

The corn market is in a free fall, we have fallen $1.38 in a 2-week time frame and prices now are below the level that they were at when Russia invaded Ukraine.

Technical indicators are extremely oversold and as we mentioned that doesn’t mean we found the bottom, but it does tell us that this market is in position to have a sharp up move if we got a little bit of friendly news.

Next week could be an extremely volatile week for corn prices.

Corn prices crashing through chart support that has been holding for about a week.

That was a very negative development and when prices broke through that chart support, wave after wave of computerized and fund selling pushed this market sharply lower.

Technical indicators are now extremely oversold, there is no sign of bottoming action in today’s chart or technical.

Corn prices continue to consolidate, almost for a week now, near the lower end of the range.

One item that is interesting is that the prices coming into the report near the low, that means a lot of people have already been aggressively selling.

This could mean it is a little more difficult getting a bearish reaction to the report when many traders have already been selling.

Corn prices remained stuck near chart support; technical indicators are oversold but as of today we see no significant break out to the upside.

Corn prices came down and tested long term uptrend chart support here late last week and early this week with lows down at 6.44-6.45.

The market certainly hasn’t hit a springboard to the upside but todays close at 6.59 is 15 cents off the low that we posted early yesterday.

Our chart is showing signs of trying to do some bottoming action, nothing clear yet.  The technical indicators are again maybe trying to find some bottoming action.

Corn prices reached the temporary highs at 7.54 about a week and a half ago.

That hotter, dryer forecast did not materialize, last week’s weather was less threatening, and we did get some rain over the weekend in eastern Iowa and Illinois which pushed this market back down to the long-term uptrend line.

At this time, we very close to prices that we were at prior to Russia’s invasion in Ukraine.

Corn prices were consolidating for 6-7 trading sessions but today we had a breakout to the upside which keeps the overall trend and the technical in corn pointed upward.

This puts the 7.77-7.78 as the next level of overhead resistance and that’s about 30 cents from where we traded today.