Corn closed the week at 361’6 which was an increase of 8’0 from opening at 353’6. Corn traded in a range of 12’0 for the week with a high of 362’6 and a low of 350’6. The short term trend appears to have turned higher after the spike down we experienced in reaction to the USDA report. While the intermediate term trend on a weekly continuation chart is mostly sideways to a touch lower. MACD remains negative, but the fast line has turned higher, and continued upward movement will cause a cross higher. Looking ahead support in the May contract will be at 360’6 (10 Day Moving Average), while resistance is at 364’3 (20 Day Moving Average).
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