Pro Farmer Senior Market Analyst Rich Posson says open interest in corn rose aggressively in recent weeks and the five-week stochastic is oversold, which suggests rising odds for a rally to develop. For July corn, he says the business-cycle model shows a Level 1 low is in place and the trend is up into a related top due late June to early July. "There is upside potential to the $3.80s to $4.10s," he says. "A weekly close above last week's high at $3.71 1/2 for the July contract would be bullish evidence."
In the July corn chart below, Posson uses technical indicators such as stochastic, moving averages, trendlines as well as his business-cycle analysis:
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