SINGAPORE: CBOT March corn is expected to test a support at $6.70-3/4, as it failed to break a resistance at $6.81-1/2 per bushel.

The contract has been assumed to be riding on a wave c from $6.61-1/4, which may travel into a wide range of $6.86-1/4 to $7.01-3/4.

This wave count looks doubtful after the wave c narrowly missed $6.81-1/2. The correction triggered by this resistance looks too deep to be regarded as a pullback towards a falling trendline.

CBOT corn to test resistance at $6.81-1/2

Instead, it could be a continuation of the downtrend from $6.88-3/4 or a deep correction towards $8.61-1/4.

On the daily chart, corn failed again to stay above a falling trendline. It is likely to either consolidate around this line or retrace towards $6.57.