On a weekly scale, Corn Futures have completed 5 waves downwards from Summer 2012 to Autumn 2015
I believe we are current witnessing a retracement back to the USD430 level ( LT resistance traced back to 2007)
- refer to waves A-B-C
Additionally, Corn prices have mostly respected the Fibonacci Levels, hence, this provides some additional support to my target of USD430.
In the long run, based on a few factors, I expect a more outlook for this commodity:
1) USDA abandoning its forecast of China corn imports - China current holds 40% of Corn Inventory. Hence, China's self reliance on its own Corn inventory may reduce demand for US Corn .
2) Rising USD may adversely impact the demand from foreign corn importers as Corn becomes more expensive to purchase
May the trades work with you.