Technically:
Corn has completed 5 EW and I believe we are witnessing an upwards retracement towards a key 2007 resistance level at USD430 (shown by waves A-B-C)
I've also added in Fibonacci levels, and noted that Corn prices have mostly respected these levels.
Fundamentally:
I'd like to highlight several bearish factors for Corn
1) USDA has abandoned its forecast of rising China Corn imports due to high inventory numbers in China. Hence, China may be able to rely on its internal production to keep up with its own demand.
*Note that China owns 40% of the world's corn inventory.
2) Rising USD may make Corn more dear for foreign importers
Opinions are welcomed.
May the trades work with you.
Corn has completed 5 EW and I believe we are witnessing an upwards retracement towards a key 2007 resistance level at USD430 (shown by waves A-B-C)
I've also added in Fibonacci levels, and noted that Corn prices have mostly respected these levels.
Fundamentally:
I'd like to highlight several bearish factors for Corn
1) USDA has abandoned its forecast of rising China Corn imports due to high inventory numbers in China. Hence, China may be able to rely on its internal production to keep up with its own demand.
*Note that China owns 40% of the world's corn inventory.
2) Rising USD may make Corn more dear for foreign importers
Opinions are welcomed.
May the trades work with you.
