SINGAPORE: CBOT corn may test a support at $5.65-1/4 per bushel, a break below which could cause a fall to $5.57-1/4.

The contract failed to break a falling trendline. It may retreat towards $5.57-1/4 to $5.65-1/4 range, or at least hover below a resistance at $5.82-1/2.

The failure indicates a completion of the bounce from $5.07. A break above $5.82-1/4, however, would suggest an extension of the uptrend towards $5.98-1/4.

CBOT corn may test support at $5.65-1/4

On the daily chart, corn is still consolidating within a wedge.

There might be a total of five waves making up the wedge.

A rise above the Aug. 13 high of $5.82 may be extended to $5.95-1/2.

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