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Barchart
Barchart
Jim Wyckoff

Market Bottom Alert: Corn Prices Look Set to Gain After August 12

December corn futures (ZCZ25) present a value-buying opportunity on more price strength.

See on the daily bar chart for the December corn futures that price action on Wednesday saw a high-range close after scoring a contract low early on. This is an early signal that the corn market bears are now exhausted. Also, the relative strength index (RSI) this week fell to an oversold level that in the past several months has accurately signaled a near-term market bottom is in place.

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