SINGAPORE: CBOT corn is expected to break a support at $7.85-1/4 and fall to $7.73-1/4, as the downtrend from the April 19 high of $8.19-3/4 has resumed.

Even though it is not very clear how far the downtrend could extend, the break below a rising trendline does suggest a further fall from the current level, as the uptrend from $7.13-1/2 may have reversed.

Only a break above $8.04-1/4 could signal a continuation of the uptrend.

Corn eases, set for 3rd weekly gain on supply concerns

On the daily chart, corn seems to be riding on a wave (4), which is travelling towards the range of a preceding wave 4 from $7.13-1/2 to $7.82-3/4. A bullish target of $9.75 suggested by a flag has been temporarily aborted.

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