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Corn closes bearish after reaching 4-month high

  • Corn has been trending upward throughout 2024 due to declining harvests in the United States.
  • The WASDE Report expects a decline in global corn production.

The WASDE report published on May 10 predicts a decline in global corn production of 1.2 billion metric tons compared to last year, with the largest drops in the United States, Ukraine, Zambia, Argentina, Malawi and Turkey. Corn hit a high of 477.1 cents per bushel today.

International context

Corn has faced challenges in the supply chain of major exporters. Argentina had dry weather and Brazil faced transportation obstacles after flooding in Rio Grande

Technical levels in corn

We observe short-term resistance located at 477.00 cents per bushel, May 13 high. The closest support is found at 466, in confluence with the 50% Fibonacci retracement.

Corn One Hour Chart

Source: Fx Street

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