Corn Prices Rally as Bulls Take Charge, Resistance Looms at $4.81 1/2

The recent market rally in corn prices has given bulls the upper hand in the commodity. According to an analysis, December corn (ZCZ26) futures are presenting a buying opportunity due to more price strength. On Wednesday, prices rallied strongly, negating a downtrend and giving bulls technical momentum.

The USDA's supply and demand report on Wednesday also provided a bullish surprise for the corn market. Additionally, domestic and export demand for U.S. corn has been solid, while shipping bottlenecks in the Black Sea region are further supporting corn prices.

To confirm the rally, December corn needs to break through resistance at $4.81 1/2. If it does, the upside price objective would be around $5.25 or above. However, technical support is located at $4.65 for those looking to place a protective sell stop.