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Corn prices decline on drier weather

FXStreet (Mumbai) - Corn prices are trading down from a six-week high of USD 3.5825/bushel hit yesterday. Prices had gained on hopes that the rain showers across the Midwest shall delay the crop harvest.

However, the prices are trading 0.63% lower at USD 3.4562/bushel as the latest weather forecasts suggest that the rain will remain very limited in next two weeks. Moreover, traders and analysts are of the view that the recent gain was overblown when reconciled with the bumper crop projected. As per the US Department of Agriculture (USDA) forecast on Oct. 10, U.S. farmers are set to collect a record 14.475 billion bushels of corn this year.

Moreover, Corn prices, like other commodities are also taking cues from the weakness in the equity markets.

Corn Technical levels

Corn has failed to sustain above the resistance level of 3.4837 today, opening doors for a re-test of 3.4337 levels. On the contrary, Corn may test the day’s high of 3.4937 if the prices retake 3.4837 levels.

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