March corn (ZC, XC) is at a key level, consolidating between 395 and 371.
The price declined throughout September in alignment with the prior downtrend, but the October rally has erased that loss. Corn Futures are now hovering in the same spot it did before the September decline.
Figure 1. March Corn Futures (ZC) - Daily Chart
If the price breaks below the current consolidation a re-test of the October low is likely. Support is between 340 and 330, so the price target is just above this.
If the price breaks above the consolidation it will have completed a cup-and-handle formation. That is bullish, providing a price target of 430. Beyond this the price could rally into potential resistance near 450--where the July decline began.
Seasonally corn rises in October, which occurred, so the future is tracking its tendency. November is fairly flat, but the price tends to rally again in December. If the breakout is to the downside, temper expectations. If it is to the upside, patience may be required.