Once again, I’m looking at the long long-term month chart for a different cash corn index due to more history. Here we see the cash index calculated at $5.3529 at the end of February (as compared to the cmdty National Corn Price Index at $5.3126), after posting a monthly high of $5.4554. Take a look at monthly stochastics at the bottom of the chart, and you’ll see the late-month selloff led to a bearish crossover above the overbought level of 80%. While not a nail in the coffin of cash corn, it is an indicator the major (long-term) trend is expected to turn down over the coming months. The last time stochastics established a bearish crossover was May 2018, in conjunction with a major bearish spike reversal, This eventually led to a bullish crossover below 20% at the conclusion of May 2020. Also note the February high was a test of the target near $5.4960, a price marking the 50% retracement level of the previous major downtrend from $8.2618 (August 2012) through the low of $2.7302 (September 2016). Fundamentally corn remains neutral-to-bullish, with basis neutral and the corn futures market forward curve bullish. Again, we need to see a reversal pattern of some kind confirming a move to a new downtrend, but we also need to keep a close eye on the market in case we see pressure start to build.