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Corn hits one-week low

FXStreet (Mumbai) - Corn declined for a third-day in a row to hit a one-week low on speculation that the dry weather in the US will help farmers speed up the harvesting of a crop that may even top the government forecasts.

Corn for December delivery is trading 1.12% lower at USD 3.6013/bushels. Moreover, the prices are down 14% this year on forecasts of a record harvest of 14.475 billion bushels estimated by the Department of Agriculture. As per MDA weather services report, “dry weather in the Midwest and Delta will aid harvesting”.

Corn Technical Levels

Corn has an immediate support at 3.5813 (Oct.15 high), under which prices can fall to 3.5188 levels. Meanwhile, a strong resistance is seen at 3.6475 and 3.7138 levels.

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