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June 25, 2023
Friday at a glance: Corn slid down from $620.75 to $584.25 per bushel, taking a $36.5 loss (5.88%)
Corn made an initial break below its 5 day Simple Moving Average at $600.5, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $590.82, market bears have earmarked $578.88 as the next downside target. Despite this, Corn could begin to recover as it approaches significant support, now $11.33 away from $572.92. Dipping below could be an indication that further losses are ahead.
Looking forward, the Corn future is poised to extend its strong downtrend and continue declining.
Corn's value drop coincided with the fact that Soybeans is down to $1,304, losing $35.5, after ending the previous session around $1,339.5. Oats slumps 1.91% Friday and closed at $419.75.
Corn hit a significant low of $528.25 around 18 days ago, but has since recovered 17.51%.
