Dec corn futures saw moderate profit-taking from funds
Dec corn futures saw moderate profit-taking from funds, but trade volume remains above seasonal norms. Market watchers say that if South American planting delays continue, the upside momentum could quickly return, targeting $4.92 resistance. On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com Rook reported in a different article that “ the key to how low corn prices could fall is dependent on just how much above the 181 bushel trend line yield USDA pegs national corn yields in the Aug. 12 WASDE. ” Technical traders note that Dec corn futures have formed a mini ascending triangle on the hourly chart. A decisive break above $4.91 could invite algorithmic buying, amplifying intraday gains toward $4.97.
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