The JUL16WMAZ contract showed good strength as it rallied and closed limits higher in yesterday’s session on the back of higher trading Chicago corn prices.  Both the July and May U.S. corn contracts rallied above the $4.00 mark during the South African session making new monthly highs.  U.S. Corn prices however fell back sharply yesterday giving back a big chunk of the week’s gains.  The JUL16WMAZ contract however still remains in a downward trend as shown in the graph below.  Nearby resistance is seen at R4565 and R4620 (trendline) with a break above these levels seeing next resistance at R4670 and R4740.  Support is seen at R4500 and R4460 and trend support around $4370 with a break below this seeing next support at R4325