Corn price dropped to the lowest level since the beginning of October on Tuesday after recent USDA data pointed to higher corn seedlings and plantation areas for the upcoming marketing year as dwindling demand from China encourages soybean farmers to change crops. Also news that the Kremlin will respect the UN-brokered grain deal also puts pressure on price. Besides permitting shipments, the resumption of trade enables Ukraine to free up important storage space in silos as the harvest for the 2022/23 marketing year is underway. Meanwhile in the US 87% of corn was harvested at the end of last week, up 11% from the previous week. This year's harvest progress is now 4% ahead of last year's 83% and 11% ahead of the five-year average of 76%.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appSource: National Crop Condition Summary
CORN price recently failed to break above the major resistance zone at $700.45 which is marked with previous price reactions and pulled back below local upward trendline. If current sentiment prevails, nearest support to watch lies at $660.00 and is marked with 50.0% Fibonacci retracement of the upward wave launched in September 2021. Source: xStation5
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.