SINGAPORE: CBOT May corn is expected to drop into a support zone of $6.37-1/2 to $6.38 per bushel, driven by a wave c. This wave has travelled below its 76.4% projection level of $6.43. It has a better chance of extending to $6.38.

A retracement analysis on the uptrend from $6.06-3/4 reveals a break below the 38.2% level of $6.44-3/4.

The break opened the way towards $6.37-1/2. Resistance is at $6.44-3/4, a break above which could lead to a gain into a resistance zone of the $6.46-1/4 to $6.49 range.

On the daily chart, the short uptrend from the March 10 low of $6.06-3/4 is classified as a part of a big wave C from $6.84-3/4.

Corn down for fourth session on US planting weather; wheat eases

This wave consists of three smaller waves. The current wave c is expected to travel below $6.09-1/2.