Tech Guy Corn Continuation Chart 5/31/26

Corn has corrected/backfilled 44% of the entire up move from last August, and price has penetrated/closed below the number 1 high of 453.0. This price action suggests corn is retracing the whole rally from number 1, not a smaller correction from number 4. If buyers do not return quickly, then we may be in a longer term backfill (weeks).

As we all know, anything can happen in these grain markets. The E wave could be the A of a double 3 (A-B-C-X-A-B-C) What if the bulls come in on Monday and corn closes above Friday's high. Just be prepared to cover shorts or jump on a long.

Milk:

At 840 million tons, milk is the world’s fourth largest agricultural product. India leads global milk production, followed by the United States and China.

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