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Corn breaks longest rally since Jan. 16

FXStreet (Mumbai) - Corn futures for December delivery are trading lower today after prices rallied yesterday for the seventh straight session.

Corn futures for December are trading 0.72% lower at USD 3.4212/bushel. Prices had gained yesterday after the US government data showed that the demand for corn shipments from the US increased. For the week ended Oct 2, export sales of corn advanced 23 percent from a week earlier.

Meanwhile, Corn prices have come under pressure today ahead of the US Department of Agriculture (USDA) report. The Market expects that production will top the government estimates which has led to a slight fall in price. The United Nations Food & Agriculture Organization also boosted its forecast for global production to 718.5 million tons from 716.5 million last month.

Corn Technical levels

Corn has an immediate support of 3.3587 (low of 11th and 15th Sep, 2014), while the immediate resistance is located around 3.48 levels.

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