SINGAPORE: CBOT May corn may test a support at $5.47-1/2 per bushel, with a good chance of breaking below this level and falling to $5.41-3/4.

A three-wave cycle from the March 4 low of $5.29-1/4 has completed at the March 19 high of $5.59. Corn is expected to drop towards this low over the next few days.

The bounce triggered by the support at $5.47-1/2 has been almost reversed.

The reversal signals a continuation of the fall from the March 19 high of $5.59.

Only a rise above $5.56 could confirm the extension of the uptrend towards $5.60-1/4 to $5.65-1/4 range.

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