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Corn trades at a one-week low

FXStreet (Mumbai) - Corn prices in the US fell to a one-week low today as the US farmer harvested a record crop.

Corn for March delivery traded 0.60% lower at USD 3.6938/bushel at the time of writing, extending the slide from the previous session’s close of USD 3.7213. The prices are trading weak for the fourth consecutive session day as the commodity is being penalized for the abundant harvest.

The US Department of Agriculture (USDA) reported this week that 89% of Corn was collected as of Nov. 16. Moreover, the harvests should continue as weather forecasters expect warmer and drier conditions in the next week.

Corn Technical Levels

Corn has just declined below an important support at 3.7075, thereby opening doors for a further slide towards 3.6438. Meanwhile, Corn will have to sustain gains above 3.7075, in order to re-test 3.76 levels.

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