I believe the shorter term bearishness is explained by the strong rally in the dollar, and as far as the dollar goes, it is in the timing band for a move back into its daily cycle low. I think this will provide the fuel the corn market will need to hit some minor objectives (I believe minor is all we are going to get) to finish selling old crop futures and to get substantial new crop corn sales made.
The December Corn chart shows a bearish price objective. of $5.10 and the March shows a bearish price objective of $6.30. Keep in mind, we will most likely run out of time on the March for this objective to be met.