Corn prices faced significant bearish pressure in the recent trading session, resulting in a break below the critical support level at 481.30. The daily close below this level reinforces the negative sentiment and paves the way for additional downward pressure in the near future, with the primary target set at 470.60.
Consequently, the bearish outlook remains in play for today, with support from the ongoing downward momentum accentuated by the EMA50. It’s important to note that breaching the 481.30 support level may lead to fresh recovery attempts on an intraday basis.
The projected trading range for today is expected to fluctuate between support at 473.00 and resistance at 485.00.
In summary, the prevailing trend for today is expected to be bearish, with corn prices enduring strong downward pressure and the potential for further declines.
