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Corn extends gains

FXStreet (Mumbai) - Corn prices in the US shot up, extending gains witnessed yesterday on signs of an increase in the exports.

Corn for December delivery traded at USD 3.7938/bushel at the time of writing, compared to the previous session’s close of USD 3.7312/bushel. Prices snapped the four-day losing streak in the previous session after the official data showed export sales in the week ended Nov. 13 rose 80% from a week earlier. Meanwhile, prices were also boosted by the government data which showed Ethanol production at second highest ever.

Corn Technical Levels

Corn has an immediate support resistance located at 3.8087 (Oct. 30 high), above which gains could be extended to 3.8887 (Nov. 13 high). Meanwhile, support is seen at 3.7562 (Oct. 29 high) and 3.71 (Aug. 25 high).

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