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Grains fall on harvest progress and profit taking

FXStreet (Mumbai) - Corn and Soybeans fell on speculation that farmers in the US will accelerate harvesting this week as the weather is likely to be dry.

Corn for December delivery is trading 0.83% lower at USD 3.7288/bushel, while Soybean for January delivery is trading 0.94% lower at USD 10.3938. Corn futures rallied 17% last month as the rain delayed harvesting pushing the prices up. However, now that the weather is not an issue, Corn prices have dipped. Some amount of profit booking is also expected have pushed the prices lower today.

Corn Technical levels

Corn has an immediate support at 3.71, under which prices can fall to 3.6813. On the other hand, resistance is seen at 3.7763 and 3.8088.

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