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Corn and Soybean steady after Friday’s fall, USDA raises outlook

FXStreet (Mumbai) - US Corn and Soybean futures are trading more or less unchanged today after prices tumbled on Friday after a report from the US Department of Agriculture (USDA) predicted a record high production for the current crop year.

Corn futures for December delivery are trading 0.08% lower at USD 3.3413/bushel today after sliding more than 3% on Friday. Meanwhile, Soybean futures for December delivery are trading 0.14% higher after sliding 1.66% on Friday. Moreover, the USDA revised its crop production forecasts higher which is putting pressure on the prices. The USDA report said domestic farmers will harvest a record 14.475 billion bushels of corn for the current 2014-15 crop year, up from last month’s forecast of 14.395 billion. The USDA also said corn yields would reach an all-time high of 174.2 bushels an acre, topping last month’s estimate of 171.7 bushels an acre.

Corn prices took a hit after the release of the report, although the increase in the crop estimates by the USDA was less than what analysts had anticipated.

Corn Technical levels

Corn has an immediate resistance of 3.3588, above which prices can re-test Friday’s high of 3.4838 levels. However, the prices have failed to sustain above 3.3588 today, opening doors for 3.20 levels on the downside.

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