Below is a daily candle stick chart portraying the trade action for the DEC16WMAZ contract over the past couple of months. Trade slipped hard during the course of yesterday’s session on the back of lower Chicago corn prices. On the long term, things still look bearish, as the contract slipped back into its downward trend as shown in the chart below. Chicago corn prices on the other hand rallied yesterday afternoon taken back the previous day’s losses and has rallied even further in the less liquid overnight session to show parity price sharply higher this morning. Trade might well break outside the downward trend around resistance at R3560