Today’s trading session commenced with a notable uptick in corn prices, signaling a promising trajectory towards our anticipated target of $474.70. Analysts project a continued bullish sentiment, with expectations of surpassing this mark and potentially reaching further gains at $490.40.
This optimistic trend is bolstered by the intraday support of the Exponential Moving Average (EMA) 50, providing additional momentum from beneath. However, failure to breach the $474.70 threshold could prompt a bearish retracement, potentially leading to a test of the critical support level at $461.90 before any resurgence.
The expected trading range for corn prices is anticipated to fluctuate between the support level of $470.00 and the resistance level of $480.00.
Trend Forecast: Bullish