The latest USDA reports and estimates are showing some interesting values. Everybody is expecting a very good Corn production. Last year they were expecting a very bad one, but from then the price lost more than 50%. So I will not be surprised to see a lower production than estimated right now.
From the technical point of view, the price got to a key level support. Here we have some interesting reversal signals like a little Falling Wedge (better seen on daily charts) and oversold on the RSI. A rally from here could get the price around 5.5$ per bushel. On the other hand a confirmed breakout under 4.25$, accompanied by a big production could get the corn to 3$ per bushel, or why not, even lower.
From the technical point of view, the price got to a key level support. Here we have some interesting reversal signals like a little Falling Wedge (better seen on daily charts) and oversold on the RSI. A rally from here could get the price around 5.5$ per bushel. On the other hand a confirmed breakout under 4.25$, accompanied by a big production could get the corn to 3$ per bushel, or why not, even lower.