Most of this post will focus on the technicals, but keep in mind, on the bullish side, there is massive flooding through out the heart of the corn belt delaying planting. Freezing rain is predicted tonight in some places......snow in others. Weather premium should be coming back into the market soon. On the bearish side, the stocks number continues to grow. At the heart of the weakness in all commodities is the "get me out" mentality from the funds. At some point, there will be commercial buyers enter the market to lend support, but it is the funds that drive the market.
Starting out, the same pattern is showing up on this three year July corn chart. On the bullish side, we have a CCI Buy signal, trend line support, and a gap to fill at $6.76. This, along with planting concerns should be enough to provide a bounce. On the bearish side, the shorter term trend is certainly lower, and the 200 day moving average (green line) has turned lower. Once the 200 day MA changes direction, it normally takes about 6 months to change direction.