Corn Pre Opening 15 Oct 09

Corn: Dec09 -9.5 cent for overnight market

• Trader taking profit.
• The slow harvest was still supported. But better weather for harvest next week put pressure on corn prices.
  
• The dollar continue to lowest for 14 month , Euro hit $1.4956 highest since Aug 08.
• The China CNGOIC, reduce estimated 2009/10 corn crop by 2.5 million tonnes. USDA estimated at 155 million tonnes lower from last estimated by 5 million.

Technical;

• Overbought in Stochastic and selling signal.
• Candle stick pattern has a reversal.
• Price could be lower.