Corn failed to reach our next selling opportunity at 451/452. We did expect the bear trend to resume and prices collapsed breaking 444/443 to reach 440/439. The outlook remains negative and a break below 439 today targets 438 then October lows at 436/435. A low for the day is likely here but fighting the 1 year bear trend is never wise. Be ready to go with a break lower and look for the next downside target of 429. Bear in mind for later in the week, the next support below here is seen at 423/422.
If we manage to hold above 442 we have a chance to test resistance at 445/446. This could hold the topside but on a break higher look for a retest of this week’s high at 449/450. From here up to 452 is very solid resistance and should offer an excellent selling opportunity.