Chart of the Week: Corn

About this chart: This monthly CBOT corn continuation chart shows the major high in August 2012 at $8.44. Prices chopped lower to the major low at $3.00 in August 2016. Corn prices rallied back to the high at $4.64 in June 2019 before turning lower and posting the low at $3.01 in April 2020. The rally this week took nearby corn futures above the previous two months’ highs with prices trading at the highest price level since March 2020.  [Chart source: DTN/ProphetX]

What this means for you:  A monthly close above $3.50 will open the door for a test of $3.70.