Near Term Trend: Negative
Friday’s Close: 316 1/4 (- 7 1/4 cent)
UPDATE: Three weeks ago when the contract was trading 324.0 we stated, “Certainly oversold, therefore aggressive traders could go long in this region”.
We followed, two weeks ago with the following observation, “The market has an opportunity, based on Fridays spike low, to form a “V” bottom”.
Subsequently, that’s how it played out as the “V” bottom acted as the low, and Corn rallied up to 335.
However, this past week Corn fell over 18 cents within five trading sessions. Part roll effect to Dec contract, but outright selling persists.