Corn Market Sees Mild Selling Pressure, USDA Reports Steady Crop Conditions

The corn market saw mild selling pressure and chart consolidation today, with December corn falling by 1 cent to $5.22, near its mid-range price.

Fundamental analysis revealed that buying interest was limited as prices broke below a three-week-old trading range on the daily chart at elevated levels. Lower wheat futures prices weighed on corn, and a firmer US dollar index hit a three-month high, which was also bearish for corn.

The USDA reported that U.S. corn crop conditions held steady last week but harvest lagged the expected pace due to heavy rains in the western Corn Belt. Dr. Michael Cordonnier estimated Brazil's first corn crop production at 138 MMT and Argentina's production at 60 MMT, with a neutral bias going forward.

Corn market bulls are fading and appear tired, with the next upside price objective for the bulls being to close December prices above solid chart resistance at $5.49 3/4. The next downside target for the bears is closing prices below chart support at $5.09. First resistance is seen at this week's high of $5.29 and then at $5.36, while first support is seen at last week's low of $5.14 3/4 and then at $5.10.