Near Term (Basis July):  Bearish

Thursday’s corn trade leaves little doubt that the downside breakout through the 180-day moving average and now following through on the wedge formation breakout lower is plenty bearish for the chart readers. Between the trend followers feeling better about the risk lower, the chart pattern traders willing to sell a pattern breakout, and the momentum types in a sell signal that is not oversold, there is little that suggests anything else from the technical side. Even the wave-counters should be looking for a move under $3.61 ¾ to complete a five-wave selloff somewhere under $3.60. If the market rallies strong from here it’s a non-technical feature that triggers it. 

Long Term: Bearish

Our long-term technical outlook is bearish. Major resistance is $3.80, while support is $3.45 ½ and then $3.31. 2017-04-20 16_52_45-042017_SF_Daily_Commentary_Corn [Read-Only] - Microsoft Word2017-04-20 16_52_40-042017_SF_Daily_Commentary_Corn [Read-Only] - Microsoft Word

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