The price of corn has decisively broken the 442.90 level and closed below it, confirming the ongoing dominance of the bearish trend. This development paves the way for further downward movement with potential targets at 435.00, followed by 425.00.
The EMA50 continues to support the prevailing bearish channel on the chart, reinforcing the validity of the negative scenario. This bearish outlook remains active unless the price manages to rally and breach the 449.50 level while holding above it.
The expected trading range for today is between the support level at 430.00 and the resistance level at 445.00.
To summarize, corn prices have broken a key support level, signaling a continuation of the bearish trend. Traders are advised to monitor the mentioned support and resistance levels for potential trading opportunities.
