Corn neutral

Will corn prices continue to rise?

24 August 2022 338
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The price of corn started this week with a rise of more than 5%, entering the range of 650-660. The growth was triggered by news of serious problems with the corn crop due to severe drought in key US agricultural states such as Nebraska, Iowa and South Dakota.

 

The previous wave of growth in July failed to overcome the level of 650-660. If this time, by the end of the day, quotes manage to fix above 670, the growth momentum may reach the next target of 695.

 

At the same time, the RSI has moved into an overbought state for the first time since April, raising the risk of an impending correction.

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