Corn increased by $23.25 for the first time since August 2022

CME Corn closed at $597.75 after it made its largest daily jump of $23.25 (4.05%) since August 2022.

Corn made an initial breakout above its 50 day Simple Moving Average at $578.67, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $576.73 by around $21 with prices hammering out a $572.5 – $598 session range. In contrast, the Corn future could be slowing down soon as it approaches resistance at $606.33. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems CME Corn might continue pointing upwards in the short term.

A look at other Grains also shows upside as Soybeans surges 3.71% Friday and closed at $1,292.25. Rough Rice is trading around $15.4 after ending Friday's session at $15.35 (up 0.39% today).

Meanwhile, Oats goes down 0.73% Friday and closed at $409.75.

Corn is now trading 8.76% above the significant low ($528.25) it slumped to 11 days ago.