Corn made another new high for the move, in fact we’ve made a new high every day this week. Today’s high at 7.86 on the July corn chart.

The trend is pointed upward but technical indicators are extremely overbought.

There is no sign of topping action yet but with prices rallying to new highs and technical indicators over bought the market is becoming at risk of seeing a correction.

Corn prices made another new high today up to 7.79. All the trends are pointed upward, the only item that is giving some pause is that technical indicators are extremely overbought.

Corn prices posted another new high, today’s high at 7.73 is the new contract high and keeps the uptrend intact.

But we have been noting that the technical indicators are extremely over bought, that doesn’t mean that the market has found its top, but it does tell us the market is in a position where a correction to the downside would not be difficult.

Initial chart support would come in at 7.44 with further chart support down in the 7.25-7.30 range.

There is no sign of topping action, but the market is certainly becoming more vulnerable to a correction based on chart and technical.

Corn prices made a new high for the move up to 7.70 on the July chart. But they did close a little bit lower so a little bit of something for everyone.

The bottom line is that all the trends and moving averages are pointed upward.

Our technical indicators which were very overbought did turn lower on today’s lower close and so we do need to monitor this market for the potential for a correction.

This year USDA began reporting in May, shown in green, 20221-2022 crop year which started last May and will go through the end of the marketing year this summer.

You will notice that USDA stock for this current crop year is in relatively stable condition, no major issues.

We do anticipate that stocks will start to slip lower as exports kick into a higher gear due to the loss of South American production and the Russian Ukraine war.

We believe that our ending stock will end pup the year below where they were last year at the lowest level in 8 years.

Corn prices made another new high up to $7.64 on the July chart closed at $7.60 so the long term, intermediate term, and short term charts all look good for corn.

We will note technical indicators are now well into the overbought range but there is no sign of topping action.

We do want to not based on the choppy action we’ve seen recently don’t be surprised to see a correction. We expect the overall trend is pointed higher.

Corn prices were higher today, we didn’t make a new high that was posted 2 days ago at 7.55 but we did post a new high close.

Keep in mind technical indicators are getting into the over bought area for the first time in a little over a month.

We are not bearish in corn but with the market bouncing the way it has been we could see this market pullback and remain in a longer-term uptrend.

Corn prices are in an uptrend on the short-term chart, the technical indicators have turned up as well.

Today was somewhat of a disappointing close, closing somewhat lower but overall, an inside day with not taking out yesterday’s low or high.

We currently have overhead resistance at 7.55, we closed at 7.47 so overhead resistance is 8 cents above with chart support coming in at the 10- and 20-day moving average around the upper 7.20’s.

We wouldn’t be surprised to see prices remain in this area as we head towards USDA crop report on Friday.