Near Term Trend: Bearish / Neutral
Friday’s Close: 359 (+ 1 2/8)
UPDATE: Last week, I suggested buying corn on a drop to 377 6/8 with a target of 395 and stops below 377.
Corn sliced right through 377 – triggering stops. Apparently, corn is only respecting the monthly chart patterns – which would have given us the proper guidance to remain bearish during the recent rally.
Sell rallies to 367 4/8 with a downside target of 350 and with stops honored on a close above 368.