Corn Watch: CBOT Corn Called 1/2 to 1 U.S. Cent Lower.

Resource News International, November, 2004

Winnipeg, MB, Nov 18, 2004 (Resource News International via COMTEX)

Corn futures at the Chicago Board of Trade (CBOT) are seen starting Thursday's session 1/2 to 1 U.S. cent lower. Weakness in overnight trading was expected to carryover into Thursday's CBOT opening. In addition, some mild consolidation was expected following four days of good gains. Slightly weaker-than-expected USDA weekly corn export sales figures were also expected to weigh on prices.

The CBOT March corn future finished Wednesday's trading session up 3 U.S. cents at U.S.$2.17 1/2. The March contract hit new four-week highs on Wednesday. Short-covering was behind the gains on the day. The contract needs to close above U.S.$2.20 in order to dispel the bearish attitude of the market....

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