Monday, October 19, 2009

corn technical outlook Oct 19,2009


Corn price trading at 383.25 up 11.25
  • Delay harvest should support prices.
  • Rain should return to midweek this week.
  • USDA inspection for corn reported actual is 24.569 million bushels inline with estimated at 20-41 million bushels.
  • Support from outside market, crude oil still higher and also weak dollar.
  • Next objective resistance is 390-400 cent/bushels.

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