On Wednesday, Sep. 1, most-active Dec-21 corn futures settled at a one-month low of $5.2275, some 29 cents below the 20-day average and almost 4 cents below the lower Bollinger Band.
Since mid-June, the contract has experienced limited volatility, trading within a range of $5.1700 and $5.8900, shrinking the spread between the Bollinger Bands to just under 52 cents, down from $1.50 at the start of June.
Support around the lower Bollinger Band, at $5.2627, is not particularly strong, but support near the May 25 settle of $5.1575 and the Jul. 9 settle of $5.1700 is firm.
RSI was neutral at around 44.0 percent on Wednesday, but MACD and the stochastic were both nearing bullish crossovers by the end of the trading session.