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Corn futures down for the first time in 7 days

FXStreet (Mumbai) - Corn futures have declined for the first time in 7 days ahead of the release of US government report, which is expected to show record high production.

Corn for the December delivery is trading 0.31% lower at USD 342.13/bushel after having gained more than 7% in last six trading sessions. The recent rally has been the longest in eight months since the demand for Corn to make Ethanol increased. As per the data released today, U.S. ethanol production rose 2.3 percent in the week ended Oct. 3, while the inventories declined 0.9 percent.

The U.S. Department of Agriculture’s (USDA) closely-watched monthly crop supply and demand report due later in the week. The USDA had estimated in September that this fall's U.S. corn harvest would reach an all-time high of 14.395 billion bushels.

Corn Technical levels

Corn has a strong resistance of 348 (low of 12th August), while the immediate support is located at 335.87 (low of 15th Sept, 2014).

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