On Tuesday, Nov. 17, most-active Mar-21 corn futures settled at $4.2675, about 4.3 cents below the recent contract-high and 6.5 cents above the nearby Dec-20 contract.
RSI was neutral to bullish at around 62.6 percent today, a six-session low. Fibonacci extension indicates resistance levels near $4.3850, $4.4575, and $4.5175. Support may be near the 20-day moving average of $4.1545 and $4.0710, per Fibonacci retracement.
Today’s gains in corn values can be partly attributed to spillover support from the soybean market, which is trading at its highest levels in four years. NOPA reported October soybean crush, at 185 million bushels, a new record and well-above the industry expectation.