Technical forecast for Corn

Corn broke 420/419 & as we warned the outlook remains weak, a break below 415 was seen & the 1 year bear trend continues as we hit the next target of 412/11. We bottomed almost exactly here in fact but with no sign of a bottom we could continue lower this week to 408, 404 & then contract lows at 402/401 which have not been seen since June 2010.

Resistance at 415/16 could hold a move higher but above here look for a selling opportunity at 420/421 with stops above 423.