On the daily chart, there is a similar resistance at $13.97. The sideways move over the past two days could be due to an accumulation of the bullish momentum.
On the daily chart, corn has broken a resistance at $5.51. It is likely to test the next resistance at $5.59, a break above which could lead to a gain to $5.72-1/2.
The support is provided by the 76.4% projection level of a downward wave c from $6.60-1/2. This wave is expected to travel to $6.15-1/4, its 100% projection level.
Chances are the contract may fail to break $14.01-1/4 in its first attempt and then retreat moderately towards $13.89-3/4. A rise to $14.03 may confirm a break above $14.01-1/4.
In Argentina, the Buenos Aires Grains Exchange on Thursday cut its 2020/21 corn crop forecast by 1 million tonnes to 46 million tonnes, citing lower-than-expected yields caused by dry weather.
Support is at $5.50-3/4, a break below which could cause a fall into $5.40-1/4 to $5.43-1/4 range. On the daily chart, the contract is rising towards a zone of $5.60 to $5.73-1/4.
Rains disrupted harvest in Brazilian soybean-growing areas, slowing down field work in the world's largest soy producer and potentially delaying planting of the country's second corn crop.
This break is regarded as a convincing signal that the downtrend will be completely reversed. A drop to $13.78 could suggest the break was false, and the target has to be temporarily aborted.
A break below $6.66-1/2, now a support, may cause a fall to $6.58-1/2. On the daily chart, the correction from $6.93 ended around $6.29, the 61.8% retracement.
Resistance is at $5.20-1/2, a break above which could lead to a gain to $5.24-1/2. On the daily chart, the contract is falling towards the Jan. 20 low of $5.12-3/4.
Corn also benefited from export sales, as the USDA reported private sales of 336,500 tonnes of the US corn to unknown destinations for shipment in the 2020/21 season.
8 The contract is riding on a wave 3 that is travelling towards the range of $12.69-1/4 to $12.77-3/4, formed by its 338.2% and 361.8% projection levels.