Tidbits, Corn Technicals & Weather, Urea Relief, Biofuel, Seeds 5/28/26
- Wright team
- 1 day ago
- 4 min read
Tidbits
December corn closed below its key technical support level of $4.80¼ yesterday. We discussed this technical situation on Tuesday when we stated December corn was no longer in an uptrend but was in a sideways trading range until it either traded above $5.06½ or below $4.80¼. Yesterday’s settlement was $4.77½. December corn is now in a down trend using the technical analysis system of higher highs and higher lows versus lower highs and lower lows.
Barchart.com’s 13 technical analysis systems have 4 that say buy December corn, 2 that say hold and 7 that say sell December corn. The longer-term systems are still on the buy side. December corn has a 9-day relative strength index (RSI) of 36.48 and its 14-day RSI is 41.28. July corn RSI numbers are 35.39 and 39.87 as of yesterday’s settlement.
The fundamentals are unchanged except the weather forecast had very dry weather for the Corn Belt for the next two weeks with above normal temperatures in the Upper Midwest for two weeks and all of the U.S. north of Texas starting the middle of next week.
Want to read more?
Subscribe to wrightonthemarket.com to keep reading this exclusive post.
