Corn futures decline on dry weather outlook

FXStreet (Mumbai) - The Corn futures and the Soybean futures have extended their Friday’s losses as the dry weather will help farmers to accelerate the crop harvesting.

Corn December futures are trading 1.22% lower at USD 3.4213/bushel, down from the Oct 15 high of USD 3.5813. According to Commodity Weather Group, The U.S. Midwest will see mostly dry weather in the next 10 days, allowing corn and soybean harvesting to move forward after recent rain. Corn prices had rallied last week after weather forecast revealed a possibility of wet weather which could have delayed harvest.

Corn Technical levels

Corn prices can fall to 3.30 levels, if the immediate support of 3.3588 is taken out. Meanwhile, the prices have an immediate resistance of 3.4838.