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CBOT corn ends up on recovery from oversold level

CHICAGO : Chicago Board of Trade corn futures closed higher on Monday in a recovery from oversold technicals and bolst
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By Abdul Ahad
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CHICAGO: Chicago Board of Trade corn futures closed higher on Monday in a recovery from oversold technicals and bolstered by a bounce in equities.

* Chasing high corn prices, some US farmers skip rotation with soybeans.

* Informa Economics on Friday said US farmers will plant more than 94 million acres of corn next year, the most since World War II and a reflection of corn prices near historic highs.

* Large speculators cut their net long stake in CBOT corn for the third straight week during the week ended last Tuesday as investors exited the market amid concerns about the world economy - CFTC.

* Wet weather slowing corn harvest in the eastern US Midwest while dry weather boosts harvest pace in the west.

* Key chart support for December at its 200 day moving average of $6.41-1/4 and nine-day RSI at 24. 1:19 PM CDT

 

Copyright Reuters, 2011

 

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