A rise above $1,758.45 could confirm a double-bottom, which will suggest a target of $1,851. A break below $1,719 may cause a fall into the range of $1,677-$1,697.
The US Energy Information Administration reported ethanol stocks at the lowest since November and as rain forecast for much of the US Midwest threatened planting.
On the daily chart, an uptrend remains intact. However, the resumption of the uptrend quite often started with a high-low bottom after a deep correction.
Prices of rival soybeans rose to their highest in nearly a month on Thursday after the US Department of Agriculture's planting intentions report pegged soybean acreage well below expectations.