Corn price dropped to the lowest level since the beginning of October on Tuesday after recent USDA data pointed to higher corn seedlings and plantation areas for the upcoming marketing year as dwindling demand from China encourages soybean farmers to change crops. Also news that the Kremlin will respect the UN-brokered grain deal also puts pressure on price. Besides permitting shipments, the resumption of trade enables Ukraine to free up important storage space in silos as the harvest for the 2022/23 marketing year is underway. Meanwhile in the US 87% of corn was harvested at the end of last week, up 11% from the previous week. This year's harvest progress is now 4% ahead of last year's 83% and 11% ahead of the five-year average of 76%.
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Source: National Crop Condition Summary
CORN price recently failed to break above the major resistance zone at $700.45 which is marked with previous price reactions and pulled back below local upward trendline. If current sentiment prevails, nearest support to watch lies at $660.00 and is marked with 50.0% Fibonacci retracement of the upward wave launched in September 2021. Source: xStation5
