CBOT corn rebounded from a one-week low on Friday on technical buying and spill over support from rising soybean prices, traders said. CBOT March corn settled 2 cents higher at $3.78-1/4 per bushel. The contract held chart support at its 100-day moving average but could not break through chart resistance at its 20- and 50-day averages. The benchmark March contract fell 1.2 percent in the week, its fourth weekly drop in five weeks.
Traders are watching for any corn demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products. The market is also monitoring South American weather following hot and dry weather in Brazil and excessive rains in Argentina. The US Department of Agriculture would have normally published a fresh crop forecast on Friday but updates have been postponed indefinitely due to the government shutdown.
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