After a dismal showing last year, the Teucrium Corn Fund (NYSEArca: CORN) gave investors hope that 2014 would be different with an impressive that last from early January through late April.

Those hopes have been dashed, at least for the time being as CORN has plunged 22% since April 29, entering a bear market in the process. On Wednesday, CORN was one of just four non-leveraged ETFs to hit a new 52-week low after falling almost 1.7%.

The slide for corn futures has been so severe that the commodity resides around four-year lows. For the adventurous, CORN now has the looks of an ideal contrarian play. That after CORN was one of the 10 worst non-leveraged ETFs in May. [May’s Worst ETFs]

Since corn “put in a rounded bottom that got many traders interested as it started higher earlier this year. But the failure in May has led to a steep pullback and a possible double bottom. The signs that suggest this may be are the pennant falling over the last week with a RSI that is technically oversold and a price that is very extended to the downside from the 50 day SMA,” notes Greg Harmon of Dragonfly Capital.

Working against CORN and corn futures in the near-term are expectations that the USDA will boost its average corn crop yield estimate to 166.8 from 165.3 last month, according to Drovers Cattle Network.

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