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Corn futures decline

FXStreet (Mumbai) - Corn futures declined even though the US government unexpectedly lowered its production forecast yesterday.

Corn for December delivery is trading 0.43% lower at USD 3.6763/bushel, after clocking a high of USD 3.7063. The prices failed to rise after the US Department of Agriculture (USDA), in its monthly report, estimated farmers will collect 14.407 billion bushels of corn this autumn, down from last month’s forecast of 14.475 billion. The government said average corn yields will reach an all-time high of 173.4 bushels per acre, below the previous estimate of 174.2 bushels.

Moreover, Analysts believe disappointing yields in some western and northern regions of the Farm Belt like in Minnesota and Iowa, where the farmers suffered due to erratic climate, led the government to revise its forecast lower.

Corn Technical Levels

Corn has an immediate resistance located at 3.7263, above which the prices can rise to 3.7838 levels. Meanwhile, prices may fall to 3.6038, if the immediate support located at 3.6438 is breached.

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