(K1) Offered

• RES 4: $620.50 - 1.00 proj of Dec 7 - Jan 13 rally from Jan 25 low
• RES 3: $600.00 - Psychological round number
• RES 2: $590.75 - 0.764 proj of Dec 7 - Jan 13 rally from Jan 25 low
• RES 1: $572.00 - High Feb and 50% of the 2012-20 downleg (cont)
• PRICE: $547.25 @ 15:19 GMT Feb 25
• SUP 1: $523.25 - Low Feb 11
• SUP 2: $510.50 - Low Jan 26
• SUP 3: $494.50 - Low Jan 25 and key support
• SUP 4: $488.25 - Jan 7 low

Corn futures are offered Thursday, but weakness so far has been insufficient to trigger any meaningful bearish signals. Earlier this month, Corn futures registered new trend highs of $572.00 on Feb 9 which coincides with 50% of the 2012 - 2020 downleg. $572.00 is the bull trigger, a breach would resume the uptrend and maintain the bullish price sequence of higher highs and higher lows. This would open $590.75, a Fibonacci projection. Initial support is $523.25, Feb 11 low. A break would allow for a deeper pullback.