Corn has already exceeded the whole move lower in June so far in the first 2 weeks of July as losses accelerate. We have seen losses for 9 days in a row
Corn CME December contract Daily Forecast - 14 July 2014Corn has already exceeded the whole move lower in June so far in the first 2 weeks of July as losses accelerate. We have seen losses for 9 days in a row now, with no sign yet of a bottom despite being severely oversold. Momentum remains to downside of course & hits our target of 386/385 before bottoming just below 383. Downside targets today are 379, 376/375 & 368/367.
Although severely oversold, too risky to look for a bottom until we see a positive signal. Resistance at 387/88 then 391/392 & Friday’s high of 394/395. Only a close above here would be an initial sign of buyers returning.
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