Corn price hits the target – Forecast today - 03-05-2024

Corn Price Analysis

• Corn price rallied upwards yesterday to succeed achieving our first waited target at 461.90$.
• Starting today with more rise to breach this level and confirm the continuation of the correctional bullish trend domination, which targets 474.70$ as a next main station.

Therefore, we are waiting for more expected rise in the upcoming sessions, supported by the EMA50 that carries the price from below. However, failing to consolidate above 461.90$ might force the price to decline and head to test the key support areas around 449.20$ before any new attempt to rise.

The expected trading range for today is between 457.00$ support and 472.00$ resistance.

Trend forecast: Bullish