Most-active May-21 corn futures rose to a contract high following the Mar. 31 acreage report but have since corrected by 10 cents. On Tuesday, Apr. 6, the contract settled at $5.5425, 13.25 cents above the Jul-21 contract’s close.
RSI has been rangebound between 51.0 percent and 60.0 percent since mid-February and was neutral at around 53.6 percent today.
The 20-day moving average may offer support near $5.4966, with additional support near $5.4470 and $5.3900 per Fibonacci retracement. The upper Bollinger Band suggests resistance near $5.6470.
The Apr. 9 WASDE may cause some volatility as the industry is expecting a significant drop in 2020/21 ending stocks.