The U.S. Department of Agriculture reported export sales of U.S. wheat in the week ended June 10 at 287,100 tonnes, in line with trade expectations for 200,000 to 500,000 tonnes.
A break above $15.57-1/4 could lead to a gain into $15.78-1/4 to $15.99-1/4 range. On the daily chart, the uptrend remains intact, as an upward wave (5) is yet to unfold.
On the daily chart, the wave count is a bit different. The contract is riding on a wave (5) which is expected to travel above the peak of the wave (3) at $16.67-1/2.
A drop to $6.79 could make this wave count invalid, a bearish target of $6.67-1/2 will be established accordingly. On the daily chart, corn could be riding on an extended fifth wave.
A retracement analysis on the trend reveals a target zone of $7.03-1/2 to $7.18-1/2. Support is at $6.69-1/2, a break below which may cause a fall to $6.58.