Corn price stops the bullish correction – Analysis - 31-05-2023

Corn price traded with clear negativity yesterday to break 555.90 level and settles below it, which stops the correctional bullish scenario and push the price to return to the main bearish track again, on its way to achieve negative targets that start at 542.00 and extend to 526.10.

Therefore, we expect to witness more decline in the upcoming sessions supported by moving below the EMA50, noting that breaching 555.90 will push the price to recover again and head to visit 574.30 initially.

The expected trading range for today is between 535.00 support and 556.00 resistance.

The expected trend for today: Bearish