CBOT corn may fall into $5.07-1/2 to $5.13-3/4 range

SINGAPORE: CBOT corn may fall into a range of $5.07-1/2 to $5.13-3/4 per bushel, as suggested by a rising channel.

This channel was duplicated from the upper channel. The dip of the price into the lower channel suggests the completion of the bounce from the Sept. 10 low of $4.97-1/2. The downtrend from the August 12 high of $5.94-1/4 may have resumed.

Resistance is at $5.23-3/4, a break above which may lead to a weak gain to $5.27-1/2.

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