SINGAPORE: CBOT corn may break a support at $6.84-3/4 per bushel and fall into a range of $6.71-1/2 to $6.79-1/2, following its two failures to break a resistance at $6.98.

The failures simply made it impossible to revisit the high of $7.06-1/4.

With corn having fallen close to the lower channel line, it is highly likely to escape from the channel and drop to $6.71-1/2.

A more bearish indication from the failures is a possible reversal of the uptrend from $5.61-3/4, which has completed its five waves.

Immediate resistance is at $6.88-3/4, a break above which could lead to a gain into $6.92-3/4 to $6.98 range.

CBOT corn may rise into $7.06-1/4 to $7.11-1/4 range

On the daily chart, the contract observes two sets of retracements, on the falls respectively from $7.66-1/4 and from $7.49-1/4.

Corn not only failed to break $7.05, but also slid below the support at $6.88.

Chances are it may drop more into $6.64 to $6.77-1/2 range.