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Corn Price Faces Downward Pressure – Forecast for March 27, 2024

by Jennifer

Corn price concluded yesterday’s trading session with pronounced negativity, breaching the $442.00 level and extending losses to reach $433.50 at today’s open. This development suggests a halt to the recent bullish correction, signaling a potential return to the primary bearish trajectory.

The prevailing bias is expected to remain bearish in the upcoming sessions. A decisive break below $433.50 could catalyze further downside movement, with initial targets set at $424.20, followed by $415.50.

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However, should the price manage to consolidate around the $433.50 level amidst prevailing negative pressure, it could signal a temporary respite from the downward momentum, potentially leading to a new bullish correction.

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Today’s projected trading range spans between support at $425.00 and resistance at $440.00.

Trend Forecast: Bearish

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