The corn futures market has been trading sideways at lower levels for several weeks. This could be “basing” action that puts in market bottoms. See on the daily bar chart for December corn that a downtrend line is in jeopardy of being negated. While the supply and demand fundamentals in the corn market cannot be considered as bullish, it’s also very likely the bearish fundamentals have already been factored into the price of corn. It is my bias the corn market has put in a market bottom. However, the bulls need to push prices above solid chart resistance at $3.62 to suggest that a price uptrend can be sustained. Stay tuned!–Jim
