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- RES 4: $644.25 - 0.764 proj of Mar 30 - May 7 - May 26 price swing
- RES 3: $638.00 - High May 7 and the bull trigger
- RES 2: $628.25 - High Jun 10
- RES 1: $586.25 - High Jun 15
- PRICE: $579.75 @ 13:44 BST Jun 16
- SUP 1: $549.13 - 61.8% retracement of the May 26 - Jun 10 rally
- SUP 2: $500.25 - Low May 26 and key support
- SUP 3: $481.50 - Low Apr 7
- SUP 4: $449.50 - Low Mar 30
Corn futures started the week on a softer note and the contract is under pressure again today. The move lower this week has resulted in a break of the 20-day EMA and price is currently testing the 50-day EMA at $554.94. A clear breach of this average would strengthen a bearish case and signal scope for a deeper retracement. On the upside, initial resistance is seen at $586.25, Jun 15 high.