Corn Prices Poised to Continue Upward Trend

Corn prices are poised to continue their upward trend according to technical analysis. The September corn futures contract (ZCU26) has recently hit a two-month high, indicating that bulls have the near-term advantage.

The daily bar chart for September corn futures shows a clear uptrend, with prices moving higher over time. Fundamentally, weather conditions in the U.S. Corn Belt have turned in favor of the bulls, with dry and hot conditions persisting in the western Corn Belt.

In addition to favorable weather, domestic and export demand for U.S. corn has been strong. Global grain-shipping constraints have also contributed to higher prices, as supply chains have been disrupted by two ongoing conflicts.

To confirm a continuation of this trend, September corn futures would need to move above the current chart resistance level at $4.68. If that happens, an upside price objective of $5.10 or higher could be reached.