- Summary:
- The delays in crop planting have been fuelling bullish sentiment on the corn markets – leading to the latest breakout of a multi-month resistance level.
Corn planting increased from the previous week by 19 percentage points to 49 percent complete, the lowest rate in records since 1980 for this time of year. The delays in crop planting have been fuelling bullish sentiment on the corn markets – leading to the latest breakout of the key multi-month resistance level at 390.00.
As the following daily Corn chart demonstrates – the price has been rising sharply in the last few trading weeks inside the short-term impulse wave 3 – which started from the long-term support level at 340.00 in May, and also acted as support in June 2018.
I think Corn is likely to rise further in the active impulse waves 3 and (3) and reach the target for the completion of the active short-term impulse wave 3 at the 410 level.