The support is identified as the 50% retracement on the uptrend from $3.52-1/2 to $4.68-1/2. Wave pattern suggests the progress of a downward wave C, the third wave of a three-wave cycle from $4.68-1/2.

This wave has travelled below $4.17-3/4, its 76.4% projection level. It is highly likely to extend to $4.04-3/4. Once corn falls to $4.04-3/4, it may temporarily stabilize around this level and bounce towards $4.10-1/2.

Resistance is at $4.17-3/4, a break above which may lead to a gain to $4.25-3/4.

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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **