Tech Guy Corn Continuation Chart 5/9/26

The corn market should be in corrective mode for the time being, but anything can happen. The Elliot wave count indicates that we just completed the 3rd wave higher, and the 4th corrective/backfill wave is currently working. Ultimate support should be at 453.0 (July contract) based on the 1st leg swing high price. The Elliot wave rule currently working is that the 4th corrective wave should not trade below the 1st impulse wave high. However, you will notice on the chart that the top of the gap provided strong buying support last Thursday well above 453.0.

Sugarcane:

At 4.6 billion tons, sugarcane is the world’s largest agricultural product by volume. Brazil, India, and Thailand lead the globe in sugarcane cultivation, providing raw material for sugar and biofuels.

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