The first leg of the fall from $7.68-1/2 has reached a support at $7.53-1/2, the 23.6 percent Fibonacci retracement on the rise from $7.05 to $7.681-1/2. This support will temporarily stop the fall.

However, it is uncommon for a retracement to just end around the 23.6 percent level of the preceding trend. Statistically and empirically, 0.382 is a more frequently seen ratio.

Most likely, corn will reach $7.44, the 38.2 percent retracement, in its second downward leg of the fall.

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