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(Z3) Remains Soft

CORN TECHS
  • RES 4: $661.50 - High Jun 17
  • RES 3: $637.25- High Oct 14 2022
  • RES 2: $634.75 - 76.4% of the Apr 27 ‘22 - May 18 downleg
  • RES 1: $600.75/629.75 - High Jun 26 / 21 and key resistance
  • PRICE: $530.25 @ 13:11 BST Jun 30
  • SUP 1: $520.25 - Low Jun 8 and a key near-term support
  • SUP 2: $511.25 - Low May 31
  • SUP 3: $490.25 - Low May 18 and the bear trigger
  • SUP 4: $476.00 - Low Oct 13 2021

Corn futures are trading at recent lows and remain soft following the reversal from $629.75, the Jun 21 high. The contract has breached support at the 50-day EMA which intersects at $551.38. The break of the average strengthens a bearish theme and a continuation lower would signal scope for a move towards $520.25, the Jun 8 low. On the upside, a reversal higher would instead signal a base and attention would turn to $629.34.

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