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CORN Technical Analysis - CORN Trading: 2023-06-14
Corn Technical Analysis Summary
Above 574
Buy Stop
Below 525
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Corn Chart Analysis
Corn Technical Analysis
On the daily timeframe, CORN: D1 has broken out of the triangle. Several technical analysis indicators have generated signals for further upward movement. We do not exclude a bullish trend if CORN: D1 rises above its last high, the two upper fractals, and the upper Bollinger Band line: 574. This level can be used as an entry point. The initial risk limit can be set below the Parabolic signal, the lower Bollinger Band line, the October 2021 low, and the last three lower fractals: 525. After placing a pending order, move the stop loss along with the Bollinger Bands and Parabolic signals to the next fractal low. This way, we shift the potential profit/loss ratio in our favor. More cautious traders can switch to the four-hour chart after executing the trade and set a trailing stop-loss in the direction of the movement. If the price surpasses the stop level (525) without activating the order (574), it is recommended to cancel the order: internal changes are occurring in the market that were not taken into account.
Fundamental Analysis of Commodities - Corn
The U.S. Midwest is experiencing a drought that could reduce crop yields. Will CORN quotes continue to rise?
It is worth noting that wheat has slightly increased in price, but a lack of rainfall may also contribute to the rise in corn prices. It is worth reminding that the U.S. Department of Agriculture (USDA) currently forecasts an increase in the average yield of global corn crops in the 2023/2024 season to 6 tons per hectare. This is approximately 5% higher than the previous season of 2022/2023.In the US, yields could improve to 11.39 tons per hectare, or +4.7% y/y. However, if weather conditions deteriorate, USDA may theoretically revise its forecasts. For now, as of the past week, USDA assessed the condition of American corn crops as "good and excellent" at 61% of total plantings. Last year, the proportion of corn plantings in the United States of similar quality (Good & Excellent) was noticeably higher at the same week and stood at 72%.
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