Near Term Trend: Positive
Friday’s Close: 352’4 (+ 2 cents)
UPDATE: Our theme for the last four weeks: “The overall pattern now resembles an inverted Head & Shoulders pattern. Quite bullish as long as support at 327’0 holds”.
Subsequently, once price action traded above the neck line nearly three weeks ago, it returned to the line and held support in text book fashion.
Following that test of support, the market has remained bid for the last seven trading days.
It will take some work for Corn to trade above 361’0. But at this juncture, odds favor that scenario.