SINGAPORE: CBOT corn may test a support at $5.11-1/4 per bushel, a break below which could cause a fall into a range of $5.02-3/4 to $5.07-1/2.

The rise from $4.97-1/2 consists of three waves.

The wave b ended at $5.07-1/2, which serves as a target.

Bounces against the fall from $5.37-1/2 have been too weak to reverse the downtrend.

Resistance is at $5.20-3/4, a break above which could lead to a gain into $5.23-3/4 to $5.27-1/2 range.

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