Near Term Trend: Neutral to Positive
Fridays Close: 3492 (- 2 cents)
UPDATE: Our theme over two months ago: The overall pattern now resembles an inverted Head & Shoulders. Quite bullish as long as support at 3270 holds. Subsequently, once price action traded above the neck line (3350) nearly eight weeks ago, it returned to the line a few days later and held support in text book fashion. Following that test of support, the market has remained above the neck line but without continued upside momentum.
We had been looking for Corn to trade above 3610, however 3590 is as high as this commodity traded.
Its in position to test that level again.