Near Term Trend: Negative
Friday’s Close: 333 1/4 (- 1 cent)
UPDATE: Two weeks ago when the contract was trading 324.0 we stated, “Certainly oversold, therefore aggressive traders could go long in this region”.
We followed, last week 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 10 cents this past week.