11 Feb 2015
Corn prices weaken to 100-DMA
FXStreet (Mumbai) - Corn prices in the US declined for the second consecutive session after USDA cut its projected carryover or corn ending stocks for the fourth straight month.
Prices fall to 100-DMA
Corn prices fell to 100-DMA located at USD 3.85/bushel after having weakened from the high of USD 3.91/bushel in the previous session. USDA cut its 2014/15 U.S. corn ending stocks view by 50 million bushels to 1.827 billion bushels, compared to the expected 1.879 billion bushels. Despite this, prices remain under pressure on concerns over weakening demand from China and amid optimism over crop prospects in Brazil and Argentina.
Corn Technical Levels
At the moment, the March futures trade 0.43% lower at USD 3.8575/bushel. The immediate support is seen at 3.85 (100-DMA), under which prices can fall to 3.8245 (10-DMA). Meanwhile, resistance is seen at 3.885 (Feb. 6th high) and 3.91 levels.
Prices fall to 100-DMA
Corn prices fell to 100-DMA located at USD 3.85/bushel after having weakened from the high of USD 3.91/bushel in the previous session. USDA cut its 2014/15 U.S. corn ending stocks view by 50 million bushels to 1.827 billion bushels, compared to the expected 1.879 billion bushels. Despite this, prices remain under pressure on concerns over weakening demand from China and amid optimism over crop prospects in Brazil and Argentina.
Corn Technical Levels
At the moment, the March futures trade 0.43% lower at USD 3.8575/bushel. The immediate support is seen at 3.85 (100-DMA), under which prices can fall to 3.8245 (10-DMA). Meanwhile, resistance is seen at 3.885 (Feb. 6th high) and 3.91 levels.