Corn Price Moves Out of Bullish Channel

The price of corn has continued its decline, breaking below the support line of the bullish channel and settling below it. This has halted the previous bullish momentum and initiated a bearish correction on an intraday basis. The initial target for this correction is around 493.20. Breaking this level would pave the way for a further decline to 487.90.

It’s important to note that the expectation is for more decline in the upcoming trading sessions unless the price manages to rally and breach 500.50, followed by 505.10, and hold above these levels.

The anticipated trading range for today is between the support at 485.00 and resistance at 500.00, with the prevailing trend being bearish.