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Corn declines ahead of USDA report despite bullish bets at 5-month high

FXStreet (Mumbai) - Corn futures retreated on speculation that US government will raise its forecast for production this year.

Corn for December delivery is trading at USD 3.6662/bushel, compared to the previous session’s close of USD 3.6738. The prices have come under pressure ahead of the US Department of Agriculture report, which is likely to revise production forecast to a new record high. U.S. farmers may harvest 14.556 billion bushels of corn and 3.969 billion bushels of soybeans this year, the most ever and topping previous U.S. Department of Agriculture forecasts for 14.475 billion and 3.927 billion bushels.

Meanwhile, the latest weekly US Commodity Futures Trading Commission (CFTC) data showed that bullish bets on corn rose 15% to a five-month high of 163,673 contracts.

Corn Technical Levels

Corn is currently trading near the resistance at 3.6663, above which the prices can rise to 3.6838. On the flip side, prices may fall to 3.60, if the immediate support located at 3.6438 is breached.

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