Corn prices strengthened on the prospects of slow harvests

FXStreet (Mumbai) - Corn prices rose 3.9% yesterday after the updated weather models showed a possibility of wet weather across the Midwest, which would slow down the harvesting of Corn and Soybean crop.

US corn for December delivery is trading today at USD 3.4563/bushel, after prices hit a high of USD 3.4938/bushel earlier today. Prices have declined ahead of the U.S. Department of Agriculture crop report due for release later today.

Corn Technical levels

Corn has a strong support of 3.3588 levels, below which prices can fall back to 3.30 levels. On the other hand, prices can rise to 3.57 if the immediate resistance level of 3.48 is taken out.