Dec16Corn

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Below is a 4 hour chart portraying the trade action for the DEC16 corn contract (ZCZ2016) traded in ChicagoCorn cbotgraph05prices have been unable to break above secondary support at $3.415 and has since settle fairly sideways over the past 2 weeks as shown in the graph below.  Short term support on prices could be seen as wetter conditions over the Corn Belt are observed.  Nearby support is close at $3.33 and $3.23 with nearby resistance at $3.415 and $3.46.  South African traders will now look ahead at this week’s maize imports as well as the final estimate for the 2016/17 crop which will be released tomorrow by the CEC