Corn Price Shows Signs of Recovery, Forecast for May 13, 2024

by Jennifer

The price of corn concluded last Friday on a positive note, surging past the $461.90 mark and approaching the $474.70 level. This momentum signals a potential for further gains on an intraday basis. However, analysts highlight the emergence of a secondary peak, indicating the formation of a negative pattern that could precipitate a decline, particularly given the clear negative signals from stochastic indicators.

Given this scenario, a cautious stance is advisable until clearer signals for the next trend emerge. Notably, a breach of $461.90 would confirm the prevalence of negative factors, potentially driving the price towards $449.20. Conversely, surpassing $474.70 would negate the aforementioned negative formation and pave the way for additional gains towards the $490.40 region.


The anticipated trading range for the day spans between support at $460.00 and resistance at $475.00.


Trend Forecast: Neutral

You May Also Like


Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright – Futures Market, Investment, Trading & News