The contract observes closely a set of projection levels on the uptrend from $13.36-3/4. After breaking below $14.20-1/2, it is falling towards $14.04-1/2.
Consultancy Strategie Grains on Thursday lowered its monthly forecast of soft wheat exports from the European Union and Britain in the 2020/21 season by 900,000 tonnes to 25.2 million to take account of a drop in demand, notably from China.
On the daily chart, corn has broken a resistance at $5.51. It is likely to test the next resistance at $5.59, a break above which could lead to a gain to $5.72-1/2.
The support is provided by the 76.4% projection level of a downward wave c from $6.60-1/2. This wave is expected to travel to $6.15-1/4, its 100% projection level.