SINGAPORE: CBOT corn December futures may retest a support at $5.53-1/4 per bushel, a break below which could open the way towards $5.35-1/2. The rise from $5.07 seems to have ended around a resistance at $5.67-1/2. The bounce triggered by the support at $5.53-1/4 is regarded as a pullback towards a rising trendline.
Unless corn breaks above $5.67-1/2, the drop from the July 21 high of $5.73 may continue. A break above $5.67-1/2 could lead to a gain to $5.81-3/4. On the daily chart, the contract deeply pierced below a support at $5.59-1/4. It is biased to break this level and fall towards $5.43.
The following drop could be a part of a high-low bottom developing from the July 9 low of $5.07. As long as corn remains in the wedge, the uptrend from $3.57 will be regarded intact.