Corn (Dec) : up 3 cent for overnight market
Support by
- A weaker dollar and hope of economic recovery were good news for commodity markets.
- Corn harvest was running very slow that percent harvested was only 13% lower than last year at 20% and below 5 year average at 35%
- Rain and Cool temperature would made harvest delayed.
- Outside market ; crude oil and equity still higher, Hang Seng +419.12 to 21,886, Nekei225 -16.35 to 10,060 at end of 14/10/09 and Euro equity market open higher.
- Corn price already break resistance at 379 cent and moving around that level.
- Price will move to test next resistance at 391.
- No reversal signal yet.
- Stochastic was overbought.
- Support from USD and Crude oil, corn price would rallies to next resistance.
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