Corn CME December contract Daily Forecast – 16 October 2014

Corn unable to beat the target of 358 almost perfectly. This has held for 2 days & should see prices turn lower in to the end of the week. Watch the key level of 348 today. Failure to beat 348 should trigger a move lower towards support at 344/343 which could hold the downside but below here targets 339/338 then a buying opportunity at 336/335, with stops below 332.

Above 349 is more positive for today & opens the door to 352/354 before a retest of 2 day highs at 358. We should struggle here again today but on a break higher look for a selling opportunity at 364/365 with a high for the recovery expected. Exit longs & try shorts with stops above 368. An unexpected break higher targets 370/371 then 379/380.

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