Early signs bull run in corn could be nearing an end

The weekly corn futures chart shows a strong bull market is in play. The next upside target for the bulls is the 2015 and 2016 highs that were notched just below the $4.40 area. See at the bottom of the chart the Moving Average Convergence Divergence (MACD) indicator. Note the MACD’s posture is nearing the postures of the indicator that were seen in 2015 and 2019. Such is an early clue that this latest rally could be nearing its peak sooner rather than later. Once the blue line of the MACD starts to turn down on the weekly chart, that would be a solid clue the corn market has topped out. Stay tuned!– Jim