Corn price sentiment is turning bearish according to the GrainStats.com community. They have been bullish for the past 6 months and have been right. The question is if the bear trend is here to stay and will it continue into the harvest months. Time will tell, until then a crop still needs to be made for bears to capitalize on bearish positions.
The fundamentals for new crop corn remain supportive to continuing this bullish market. Technically, to continue bullish enthusiasm, Dec22 Corn needs to hold weekly closes above the 6.31 low posted last week. This market’s upside still remains unmeasurable, but we can try…. Primary target above at 7.11. Should something spark a runaway move higher look at 7.60...
December 22 Corn - Weekly: So far new crop corn has done a good job staying above the blue Tenkan line at 5.60. The most volume by price is in the 5.45-5.60 area. This could eventually act as a magnet to pull price down to….
The primary target at 5.78 has been filled. Targets above at 6.05, 6.24, and then 6.49.
