Chart of the Week: Corn

About this chart: This is the monthly CBOT Corn continuation chart. You can see the low in December 2008, and the rally to an all-time high ($8.44) in August 2012. From that high, prices went down for 4 years to the low at $3.01 in August 2016. Since then the chart shows a series of higher highs and higher lows. Last month’s high at $3.80 is now resistance, with support at the March low at $3.56.

What this means for you: The trading range so far this month is just 11 cents. However, we still have two weeks to go. If this 11 cent trading range holds through the end of April, then it shows how flat the corn market is. For a long term perspective, you have to go back to November 2017 when prices bottomed and the trading range for the month was 17 cents. The last time corn prices had just an 11 cent trading range for the month was November 2005. That month, prices put in a major low.