5 Dec 2014
US Corn falls, trades above 100-day SMA
FXStreet (Mumbai) - US Corn futures on CME Globex trading platform declined on expectations of falling demand from Japan, world’s largest importer of the commodity.
Corn futures trades at 387.3 cents/ bushel, down -0.51%, at time of writing. The falling demand for Japanese imports is on the back of a weakening yen, which makes it more expensive for the importers.
The Japanese yen fell to a fresh 7 years low against the US dollar today to trade above 120 levels.
Corn Technical Levels
Corn prices have an immediate resistance located at 390.38 (Dec 4 High), above which gains could be extended to 391.13 (Dec 2 High) levels. Meanwhile, support is seen at 386 (100-day SMA), below which it can extend losses to 383 (50-day SMA) levels.
Corn futures trades at 387.3 cents/ bushel, down -0.51%, at time of writing. The falling demand for Japanese imports is on the back of a weakening yen, which makes it more expensive for the importers.
The Japanese yen fell to a fresh 7 years low against the US dollar today to trade above 120 levels.
Corn Technical Levels
Corn prices have an immediate resistance located at 390.38 (Dec 4 High), above which gains could be extended to 391.13 (Dec 2 High) levels. Meanwhile, support is seen at 386 (100-day SMA), below which it can extend losses to 383 (50-day SMA) levels.