Corn for March held below 431 to hit our target of 422. We bounced to 426 but the outlook is still quite negative and below 424½ risks a retest of 422 and possibly contract lows at 420 today. A break lower today cannot be ruled out and could target 416.
Above 427 is less negative and sees 428¼/428¾, possibly yesterday's high at 431¼-¾.
Weekly outlook: We are seeing a bounce in a bear trend and 439 could cap this week. Only a break above 443 could then be seen as positive for December. Contact lows at 420 are important but a break below 416 keeps the market under pressure in the 14 month bear trend.