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Corn trades weak after three consecutive weekly gains

FXStreet (Mumbai) - Corn prices declined today after the prices ended higher on Friday, scoring gains for the third consecutive week.

Corn for December delivery is trading 1.02% lower at USD 3.4863/bushel. Prices rallied for the last three weeks, mainly on hopes that the wet weather would delay the harvest of crops. Prices hit a high of USD 3.6475 on Friday before closing at USD 3.5238. Moreover, the latest weather forecast models show warm temperatures and a less probability of rains. A lack of notable rains across the central and western Midwest and Delta until Nov. 2 will favor corn and soybean harvesting, MDA Weather Services said in a report dated Oct. 24.

Moreover, with a warmer weather forecast for this week, the harvests are likely to resume leading to a weakness in the Corn prices.

Corn Technical levels

Corn has an immediate support of 3.48 (Aug 12th low), below which prices can fall to 3.4213 (Oct 20th low). On the flip side, prices may rise to 3.6 levels if the day’s high of 3.5238 is breached.

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