SINGAPORE: CBOT corn may bounce to $3.67-1/2 per bushel before retesting a support at $3.63-1/4, as suggested by a projection analysis.

The support is provided by the 107pc projection level of an uptrend from $3.35-1/2.

Corn failed twice to overcome this barrier.

A temporary bottom could have formed around this level.

A very strong bounce is unlikely. Instead, the bounce could be weak, limited to $3.67-1/2, as wave pattern suggests the progress of a downward wave c towards $3.56-1/2, the 38.2pc retracement of the uptrend from $3.20 to $3.79-1/4.