🌽 Testing Support (GrainStats)Latest Fundamental Data👇
Corn Harvest Progress 🚜➡️🌽
▓▓▓▓▓▓▓▓▓▓▓▓░░░ 81%
Export Inspections 🚢➡️🌎
535,191 Metric Tons
⬇️ 5,594 Metric Tons week vs. last week
⬆️ 89,498 Metric Tons this week vs. this week last year
⬇️ 160,191 Metric Tons this week vs. 5-year average
Corn Technicals 💹
We will keep this post short and sweet, but after today's close (November 7th), there is downside risk forming at the previously established support of 4.675. A break below this level AND settlement could lead us to test the next support range of 4.6325 - 4.615, which would be the lowest prices of Corn since this past summer (when looking at the continuous contract).
Watch the following levels for now👇
🟢 Current Upside Target: 4.85, 4.90
🔴 Current Downside Targets: 4.6325 - 4.615
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just now
Comment:
Caution is advised as the market has successfully retraced back to support.