On Wednesday, Aug. 4, most-active Dec-21 corn futures settled at $5.4675, nearly 2 cents below the 20-day average but about 5 cents above the 100-day average, a significant support level.
RSI and MACD were neutral, with the former at around 48.9 percent. The stochastic saw a bearish crossover earlier in the week and trended lower since. The spread between the upper and lower Bollinger Band is narrowing on low volatility since the July WASDE.
Underwhelming safrinha production continues to support corn prices. AgRural recently estimated 2020/21 Brazilian production at just 77.5 MMT, 15.5 MMT below USDA’s July estimate.
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