May corn futures at the Chicago Board of Trade on Wednesday morning hit a fresh six-month low of $3.44 1/4 a bushel, as of this writing. A bearish USDA quarterly grain stocks report was the bearish fundamental impetus for Wednesday’s selling pressure. Corn futures prices are now poised to produce significantly bearish monthly and quarterly low closes on Wednesday. Technically, May corn futures are in a three-month-old downtrend on the daily bar chart. The next downside price objective for the powerful corn market bears is pushing prices below the contract low of $3.25 a bushel.
For the corn market bulls to begin to regain some fresh upside near-term technical momentum, they will have to push and close May futures prices above what is now solid chart resistance at the February low of $3.59 a bushel. Stay tuned! Jim Wyckoff
Comments are closed.